The Albanese government will release draft legislation on Wednesday to allow the RBA to regulate Apple Pay and Google Pay like other payment services.
Apple and Google say they do not provide payments services in Australia.The Albanese government is moving to regulate Apple Pay, Google Pay and other new digital payment services by expanding the Reserve Bank’s powers, with draft legislation to be released on Wednesday.
The government will release draft legislation on Wednesday to allow the RBA to regulate digital wallets such as Apple Pay.The government said this would address risks posed by new digital payment services – currently unregulated – to “protect consumers, promote competition and spur innovation”. Google does not charge banks for using Google Pay on Android phones, but banks do pay fees to Apple – a few cents for every $100 of transactions – which is
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