this post was submitted on 28 Nov 2023
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Pretty shit article.
The Australian Financial Review goes into a bit more of the 'why', such as Apple charging fees on top of Apple Wallet purchases or these companies not being regulated for transparency/hidden fees/etc the same way other financial institutions are.
A quick look at the draft legislation, has this as a stand-out not mentioned elsewhere
Which makes me think this is also pre-empting more all-encompassing systems employed in other countries, i.e. wechat style shit and protecting against fuckery from a certain large country located in East Asia.
While the ABC just has a slightly better generalised article compared to Reuters.
I think this will tie in with updates to the CDR legislation coming soon. These digital wallets hide a lot of data from the banks. Bringing them under banking legislation allows banks to pull CDR data from the wallets as a condition of use.