New laws under consideration for Apple, Google and WeChat digital wallets in Australia
SYDNEY (Reuters) – The Australian government is considering new laws that would strengthen the regulation of digital payment services by tech giants like Apple and Alphabet’s Google. Treasurer Josh Frydenberg said he would “carefully consider” this and other recommendations to indicate whether the payments system has kept pace with technological advances and changing consumer demand. Services such as Apple Pay, Google Pay and WeChat Pay in China, which have grown rapidly in recent years, are not currently designated as outside the regulatory system.
Earlier this month, the Bank for International Settlements (BIS) called on global financial watchdogs to urgently tackle https://www.reuters.com/news/picture/financial-regulators-urgently- need-to-ge-idUSKBN2F30YF with the growing influence of “Big Tech” and the huge amounts of data controlled by groups such as Google, Facebook, Amazon and Alibaba.
“Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that will determine the future of our payments system, a critical part of our economic infrastructure,” Frydenberg said in a statement. opinion piece published in the Australian Financial Review. .
The Australian report recommended that the government be empowered to designate technology companies as payment providers, thereby clarifying the regulatory status of digital wallets.
The Reserve Bank of Australia (RBA), which is currently responsible for designating who is a payment service provider, reported that payments through digital wallets rose to 8% of in-person card transactions in 2019, from 2% in 2016.
It also recommended that government and industry jointly establish a strategic plan for the broader payments ecosystem and that a single, integrated licensing framework for payment systems be developed.
Summary of the news:
- New laws under consideration for Apple, Google and WeChat digital wallets in Australia
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