Soon Apple Pay and Google Pay will be regulated like credit and debit cards.
Australia is cracking down on digital payment providers such as Apple Pay and Google Pay.
The country’s government will make it law for the Reserve Bank of Australia to regulate payments made through mobile phones just like credit and debit cards.
Treasure Jim Chalmers said: “We are modernising Australia’s payments system to ensure it meets the needs of our economy now and into the future.
“We want to make sure the increasing use of digital payments occurs in a way that helps promote greater competition, innovation and productivity across our entire economy.”
It comes as more and more people use their digital wallets to make transactions instead of using physical cards.
Australia to regulate Apple Pay and Google Pay
