Australia to Regulate Digital Wallets Like Apple Pay, Google Pay

New legislation expands Reserve Bank of Australia's regulatory powers, despite opposition from Apple arguing it could stifle innovation.

Australia is set to regulate digital payment services like Apple Pay and Google Pay under the same umbrella as credit cards and other payments.
The new legislation will expand the Reserve Bank of Australia's power to regulate payments, applying it to new and emerging technologies.
Apple has opposed the legislation, arguing that it will stifle innovation by increasing regulatory burden without a net public benefit.
Digital wallet transactions accounted for 35% of all card transactions in the June quarter, up from 10% in early 2020, with two-thirds of Australians aged 18-29 using mobile payments.
The amendments will also allow a minister to subject a system or platform to special oversight if it presents a risk of 'national significance'.