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The Australian government plans to bring digital payment services such as Apple Pay and Google Pay under the same regulatory scope as credit cards and other payment methods.
This legislation aims to modernise Australia’s payment system to adapt to future economic needs. The finance minister said the spread of digital payments would boost competition, innovation and productivity. The legislation will have the Reserve Bank of Australia (RBA) regulate payments, expanding the scope of regulation to accommodate emerging technologies.
The move responds to the rapid growth of digital wallets among young people, with the share of digital payments in card transactions increasing from $10 at the start of 2020 %增至6月份的35%.
The amendments also give relevant ministers the power to exercise special oversight over systems or platforms that pose a “nationally significant” risk.
(Source: Reuters Image source: freepik)
