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On Wednesday the federal government handed down draft legislation that would allow the Reserve Bank of Australia (RBA) to regulate digital payment services such as Apple Pay and Google Pay.
If passed this will see an update to the Payment Systems (Regulation) Act 1998 to allow the RBA to treat these services, as well as buy now pay later (BNPL) platforms in a similar fashion to traditional transaction types, such as credit cards.
“Introducing a new ministerial designation power that will allow particular payment services or platforms that present risks of national significance to be subject to additional oversight by appropriate regulators,” the update reads.
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