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A Local Culinary Adventure: inspired by Halifax's Seaport Market | SaltWire #cooking #cookingtipsSYDNEY - 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.
The proposed rules would enable the Reserve Bank of Australia 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.
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