- Australian government to regulate digital wallet providers
- Proposed changes to Payment Systems Act 1998 redefines ‘payment’ and ‘payments systems’
- Popular digital wallet providers like Google Pay and Apple Pay are currently not considered payment systems
- Reclassification aligns the Reserve Bank of Australia’s oversight with emerging payment systems
- Introduction of “ministerial designation power” to monitor high-risk payment services
- Treasurer Jim Chalmers envisions a modern, safe, and competitive payment system
- Apple Pay introduced in Australia in November 2015, faced resistance from major banks
- Google Pay entered the Australian market in July 2016
- Regulatory expansion to reshape consumer protections and foster innovation in the digital payments sector.
