this post was submitted on 28 Nov 2023
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This is the best summary I could come up with:
SYDNEY, Nov 27 (Reuters) - Australia's government said on Monday it would bring Apple Pay, Google Pay and other digital payment services under the same regulatory umbrella as credit cards and other payments as part of legislation set to be introduced to parliament this week.
Digital wallets from the likes of Apple (AAPL.O), Google (GOOGL.O) and WeChat developer Tencent (0700.HK) have exploded in popularity but are not captured by Australian payments law.
"We are modernising Australia's payments system to ensure it meets the needs of our economy now and into the future," Treasurer Jim Chalmers said in a statement.
"We want to make sure the increasing use of digital payments occurs in a way that helps promote greater competition, innovation and productivity across our entire economy."
Legislation is set to be introduced on Wednesday or Thursday, according to Chalmers' office.
The amendments will also give a relevant minister power to subject a system or platform to special oversight in the event it presents a risk of "national significance."
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