Australia has Apple Bay, Google Pay and other payment services in its view. The country is trying to regulate them as the services in question are currently very free.
“Finally, if we do nothing to reform the current structure, only Silicon Valley will determine the future of our tariff system, which is an important part of our economic infrastructure.” Said Josh Friedenberg, Australian Minister of Finance.
A report commissioned by the Australian government on digital payment systems has made a number of recommendations, one of which recommends the active control of Apple Pay and other similar payment services.
Under current Australian law, Apple Pay is not considered a payment system and is excluded from the terms of payment. Apple Pay’s classification as a payment system will clarify the regulatory status of digital wallets in Australia and allow the government to openly appoint large technology companies as payment providers. Other recommendations are aimed at establishing a strategy for the country’s full payment environment with a single and integrated framework.
There is currently no information on Australia’s regulatory implementation date related to Apple Bay and the rest. Apple, Google and others did not react. It will also be interesting to see what really changes for Australians on a daily basis.