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Australian government proposes new regulations for digital wallet providers | Fintech InShorts: Latest fintech news, analysis by experts

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Australian government proposes new regulations for digital wallet providers

By Laura M

October 16, 2023

Australian government to regulate digital wallet providers
Proposed changes to Payment Systems Act 1998 redefines ‘payment’ and ‘payments systems’
Popular digital wallet providers like Google Pay and Apple Pay are currently not considered payment systems
Reclassification aligns the Reserve Bank of Australia’s oversight with emerging payment systems
Introduction of “ministerial designation power” to monitor high-risk payment services
Treasurer Jim Chalmers envisions a modern, safe, and competitive payment system
Apple Pay introduced in Australia in November 2015, faced resistance from major banks
Google Pay entered the Australian market in July 2016
Regulatory expansion to reshape consumer protections and foster innovation in the digital payments sector.

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