Australia unveils draft law to regulate digital payment providers
SYDNEY - The Australian government said on Wednesday it planned to introduce laws that would empower the central bank to regulate digital wallet providers including Apple to monitor digital wallet payments in the same way as credit card networks and other transactions. It would also give powers to the treasurer to order regulators to check if any payment platforms pose risks to the country.
The draft law would expand the definitions of"payment system" and"participant" in Australia's existing laws, treasury documents showed. In a June report, the Australian Banking Association said it was witnessing a"phenomenal shift" in payment preferences in recent years, with the number of mobile wallet transactions in the country surging to 2.4 billion in 2022, from 29.2 million in 2018.
Apple declined to comment on the draft law and instead referred to a submission it made to the treasury in July, when it said any reforms"should be proportionate to the limited, indirect role" digital services had in the payment system. Google did not immediately respond to a request seeking comment.
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