Australia to change laws to regulate digital payment services like Apple Pay

News from this site on November 27, the Australian government said on Monday that it will submit legislation to Parliament this week to bring digital payment services such as Apple Pay and Google Pay into the same supervision as credit cards and other payment methods. scope.

Digital wallets from companies such as Apple, Google and Tencent have become popular around the world in recent years, but currently these digital wallets are not restricted by payment laws in Australia

This site notes that the legislation, first proposed last month, would expand the scope of legislation authorizing the Reserve Bank of Australia to regulate payments to apply to emerging technologies. Australian Treasurer Jim Chalmers said in a statement: "We are modernizing Australia's payments system to ensure it meets the needs of our economy now and into the future. We want to ensure the increasing popularity of digital payments helps To promote competition, innovation and productivity across the economy.”

According to Chalmers’ office, the bill will be submitted on Wednesday or Thursday this week

Regulators are currently Address the rapid growth of digital wallets, especially among young people. In the second quarter of this year, transactions from digital wallets accounted for 35% of all card transactions, up from 10% at the start of 2020. Two-thirds of Australians aged 18 to 29 use mobile payments. Before the pandemic, it was less than 20%.

This amendment will also grant the relevant minister the power of special supervision when the system or platform has "nationally significant" risks

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