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.
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
Introducing a new ministerial designation power that will allow particular payment services or platforms that present risks of national significance to be subject to additional oversight by appropriate regulators.
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.
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.
FYI: looks like there’s a typo in your draft registration link (an extraneous v at the very end).