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 Pay and Alphabet's Google Pay.Apple Pay, Google Pay and China's WeChat Pay, which have grown rapidly in recent years, are not currently
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 Pay and Alphabet's Google Pay.
" government is addressing the risks posed by new digital payment services, which are currently unregulated, to protect consumers, promote competition and spur innovation," Treasurer Jim Chalmers said in a statement. 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.