Apple Pay users in Australia have enjoyed this secure and fast payment service from the Cupertino firm for a long time, but the country’s own government is considering creating new laws that could regulate in some way this Apple payment method, like Google Pay or WeChat payments.
It seems that these digital payment systems are being investigated by not be officially regulated. This possible new revision of the law would serve to avoid the monopoly of technology companies over traditional services or of the country’s own banks.
Australian Government Treasurer Josh Frydenberg, commented in the Australian Financial Review, that they would take into account these requests from the country’s political leaders:
If we do nothing to reform the current framework, it will be Silicon Valley alone that will determine the future of our payments system. Currently and taking into account the current laws of the country, Apple Pay is not classified as official payment systems which places it outside the existing digital payment regulations.
And is that Australian banks, such as the Reserve Bank of Australia or the Commonwealth Bank, some time ago showed their concern about the growth of digital portfolios and the current non-existent regulations. It already happened earlier this year that an Australian parliamentary committee considered forcing Apple to open the iPhone’s NFC chip to support third-party payment systems In an effort to promote competition in this service, we’ll see how this ends.