Treasurer Josh Frydenberg will announce major reforms on Wednesday that would give him greater powers to intervene in the rapidly evolving area still operating under regulations designed in the 1990s.
The government will also look to introduce more regulations over fees being charged to users of Buy Now Pay Later and Digital Wallets. Buy Now Pay Later accounts for about 20 per cent of online retail transactions in Australia, with more than 5 million active accounts. But currently services like Apple Pay, Google Pay and AfterPay don’t fall under the Payment System Regulation Act.
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