The government of Australia has drafted new legislation today that grants power to the Reserve Bank of Australia to regulate online digital payment services such as Apple Pay, Google Pay, and the rest of the digital payment services.
With these powers, the RBA will continue to track online payment transitions similar to credit card networks and traditional banking transactions.
The bill is meant to address the risks that are associated with these digital wallet providers, which are currently unregulated and have also been deemed ‘anti-competitive’.
Although Apple and Google argue that they do not provide any payment services, they do provide an alternative method for customers to use their bank cards through their phones.
- Published By Team Australia News