Australia Continues To Ponder Further Apple Pay, Google Pay, And WeChat Pay Regulation
Australia is again considering whether it should look more closely at Apple Pay and other similar digital wallets.
According to a new report by Reuters, Australians are concerned that the way digital wallets are classified could leave the country with little control over the payment infrastructure on which it relies.
Treasurer Josh Frydenberg says he will “carefully consider” whether tighter restrictions are needed. The issue is that Apple Pay and similar systems are not categorized as payment providers, something that means they fall outside of the traditional regulatory system — and that’s a concern.
Services such as Apple Pay, Google Pay and China’s WeChat Pay, which have grown rapidly in recent years, are not currently designated as payment systems, putting them outside the regulatory system.
As a result, Australia is considering listing Apple, Google, and other tech giants as payment providers, ensuring that they play by the same rules as others while also giving Australian authorities additional oversight.
With the use of systems like Apple Pay on the rise in Australia, it stands to reason that the country might want to look at its regulation once more. The Bank for International Settlements (BIS) released a report earlier this month that warned of the influence of companies like Apple, specifically in the world of payments.