Come Wednesday, Apple Pay and other forms of digital payment will be getting some legislation placed around them in the land down under.
According to Reuters, digital payment platforms will begin to receive the same level of regulatory oversight as credit cards in Australia.
Australia has attempted to try and regulate digital wallet apps and payment platforms like Apple Pay, Google Pay, and others for some time. On Wednesday, new legislation will be introduced to the country’s parliament, in a bid to change laws and affect how the apps and services are regulated.
The forthcoming legislation would effectively place the Reserve Bank of Australia in a position to regulate payments for new and emerging technologies. The legislation would supplant the current 25-year-old laws that limit the RBA’s reach, the new versions will empower the RBA to make changes as it sees fit.
In October, Apple argued against the introduction of legislation over how Apple Pay is regulated, believing it could lead to mistakes.
Existing financial institutions in the country that are already dealing with current legislation have pushed lawmakers to consider changes to take on the new tech giant-based payment systems.
Stay tuned for additional details as they become available.
Via AppleInsider and Reuters