SYDNEY : The Australian government is considering new laws that would tighten the regulation of digital payment services by tech giants such as Apple and Alphabet's Google.
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 Bank for International Settlements earlier this month called for global financial watchdogs to urgently get to grips https://www.reuters.com/news/picture/financial-regulators-urgently-need-to-ge-idUSKBN2F30YF with the growing influence of 'Big Tech', and the huge amounts of data controlled by groups such as Google, Facebook, Amazon and Alibaba.
It also recommended the government and industry together establish a strategic plan for the wider payments ecosystem and that a single, integrated licensing framework for payment systems be developed.
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