Australia considering new laws for Apple Pay, other digital payment systems

Australia is considering new laws that would tighten the regulation of digital payment services such as Apple Pay.

Apple Pay is easy and works with the Apple devices you use every day. You can make secure purchases in stores, in apps, and on the web. And you can send and receive money from friends and family right in Messages. Apple Pay is even simpler than using your physical card, and safer too.
Apple Pay is the one way to pay. It replaces your physical cards
and cash with an easier, safer, more secure, and private payment method — whether you’re in a store, online, or sending cash to friends or family.

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.

Paulina Duran for Reuters:

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.

14 Comments

  1. Australia has bigger problems, like mass psychosis over a virus that causes cold and flu symptoms for a few days or less for 99+% of those who contract it. 99+% of those who die from it were sick with an average of 2.9 comorbidities and/or elderly (especially in NY under Cuomo) and would have died from the flu, pneumonia, or similar regardless.

    1. Mass psychosis is an epidemic of madness and it occurs when a large portion of a society loses touch with reality and descends into delusions. Such a phenomenon is not a thing of fiction. Two examples of mass psychoses are the American and European witch hunts 16th and 17th centuries and the rise of totalitarianism in the 20th century.

            1. She delivers a tart verbal spanking…that’s cogent, relevant and clear.

              Are we still at a point where one’s guarded narrative prevents from acknowledging the truth she speaks…b/c, you know, having functional borders is racist, or because orangeman_bad held such a priority and civilized people don’t like/support orangeman_bad?

  2. Actually Australia’s financial regulations are very pro-competition and pro-consumer.
    Consumers get to see and choose what charges they may pay for transactions with different payment methods and companies beforehand, have portable banking identities to help them move their banking business to a different company more easily, etc.
    With national standards it enables new competitors to enter the market and plug into universal industry offerings such as chip-and-PIN cards, same day transfers without needing billions in backing and new segments such as BNPL are encouraged to compete against established players to promote more competition for consumers’ business.
    Determining who is a financial payments provider just ensures that artificial barriers to competition can’t be thrown up or that consumers can’t be disadvantaged by those wanting to take advantage of less well educated consumers by exploiting loopholes.

    1. I find myself wondering why rough half of the people so far have downvoted your comment?

      You show knowledge of the topic and explain how the Australian government generally sides with consumers. It doesn’t look as though Apple has anything to worry about with this proposal.

      Would some of those who downvoted that comment care to explain in a calm and intelligent fashion why they downvoted it?

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