Australia wants Apple Pay subject to the same regulatory oversight as credit cards
Australia’s government said on Monday it would bring Apple Pay, Alphabet’s knockoff Google Pay, and other also-ran digital payment services under the same regulatory umbrella as credit cards and other payments as part of legislation set to be introduced to parliament this week.
Reuters:
Digital wallets from the likes of Apple, Google, and WeChat developer Tencent have exploded in popularity but are not captured by Australian payments law.
The legislation, first flagged last month, will broaden the legislation that empowers the Reserve Bank of Australia to regulate payments so that it applies to new and emerging technology. “We are modernising Australia’s payments system to ensure it meets the needs of our economy now and into the future,” Treasurer Jim Chalmers said in a statement.
Legislation is set to be introduced on Wednesday or Thursday, according to Chalmers’ office.
MacDailyNews Note: The most-used mobile payments by brand in Australia as of September 2023, according to Statista:
Image: Statista
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