The Australian Government is considering new legislation to tighten regulations on digital payment services by leading tech companies such as Apple and Google on Alphabet. Treasury Secretary Josh Frydenberg said he would “carefully consider” that and other recommendations from government-consigned reports on whether payment systems are keeping up 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 payment systems and are not subject to regulatory systems. “Ultimately, if nothing is done to reform the current framework, Silicon Valley will be the only one that will determine the future of payment systems, a key part of economic infrastructure,” Frydenberg said. I mentioned it in an opinion piece published in the Financial Review. ..
Earlier this month, the Bank for International Settlements (BIS) urged global financial watchdogs to become more influential in “Big Tech” and the vast amount of data managed by groups such as Google, Facebook, Amazon and Alibaba. I asked you to figure it out. The Australian report clarifies the regulatory status of digital wallets and recommends empowering the government to designate tech companies as payment providers.
He also recommended that the government and industry work together to establish a strategic plan for a broader payment ecosystem and develop a single, integrated licensing framework for payment systems.
The Reserve Bank of Australia (RBA), which is currently responsible for designating payment service providers, reported that payments via digital wallets increased from 2% in 2016 to 8% in 2019.
Commonwealth Bank of Australia, which estimates that digital wallet transactions will more than double to A $ 2.1 billion in the year to March, tackles “competitive issues” with regulators to ensure their use We are asking you to consider the impact of.
Apple Pay, Google Pay, etc. may soon face strict laws in Australia
Source link Apple Pay, Google Pay, etc. may soon face strict laws in Australia