Australia is considering new laws that would tighten the regulation of digital payment services such as Apple Pay.
Apple Pay powers Apple Cash, which works a lot like a debit card and lets you send and receive money right in Messages. Just set up your Apple Cash card in the Wallet app and send money to your squad for brunch — or ask them to pay you back.
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.
The Australian report recommended the government be given the power to designate tech companies as payment providers, clarifying the regulatory status of digital wallets.
The Reserve Bank of Australia (RBA), which is currently in charge of designating who is a payment services provider, reported that payments through digital wallets had grown to 8% of in-person card transactions in 2019, up from 2% in 2016.
MacDailyNews Take: God forbid the Australian government not be able to over-regulate something.