Australia considers new laws for Apple, Google, WeChat digital wallets

The Australian government is considering new laws that would tighten the regulation of digital payment services by tech giants such as Apple and Alphabet’s Google.

Treasurer Josh Frydenberg said he would “carefully consider” that and other recommendations from a government-commissioned report into whether the payments system had kept pace with advances in technology and changes in consumer demand.

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.

“Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that determines the future of our payments system, a critical piece of our economic infrastructure,” Frydenberg said in an opinion piece published in the Australian Financial Review newspaper.

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Source: Australia considers new laws for Apple, Google, WeChat digital wallets