Australia to regulate digital payments like Apple Pay under new legislation

Today, Australia's government announced it would bring Apple Pay, Google Pay, and other digital payment services into a new regulatory legislation alongside credit cards and other payments, Reuters reported.

This new legislation is set to be introduced to parliament this week and will put Apple Pay, Google Pay, and other popular digital wallets into Australian payment laws. The publication says this law will empower the Reserve Bank of Australia to regulate payments so that it applies to new and emerging technology.

"We are modernizing 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, which Reuters obtained. "We want to make sure the increasing use of digital payments occurs in a way that helps promote greater competition, innovation, and productivity across our entire economy."

The report says transactions from digital wallets account for 35% of all transactions in the June quarter, up from 10% in early 2020. in addition, two-thirds of Australians between 18 and 29 use mobile payments, which, before the pandemic, was less than 20%.

This law will also give a "relevant minister power to subject a system or platform to special oversight in the event it presents a risk of 'national significance.'"

Although it's unclear if Apple will need to adjust anything, it's interesting to see governments regulating big tech companies.

Apple Pay launched in Australia in 2015, with American Express as the first institution to allow customers to use it. Since then, an enormous list of banks has started supporting this payment method, which helps avoid fraud by making purchases more secure and private.

In addition, Australians can use other services related to Apple Pay, such as Express Mode, so users don't have to wake or unlock their devices when tapping on.

BGR will keep following this new legislation. We'll let you know once we learn more about it.

The post Australia to regulate digital payments like Apple Pay under new legislation appeared first on BGR.

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