Link copied!

Comment reported!

Thank you for keeping applescoop.org safe 😃

Privacy respecting comments? Check!

We developed our own custom comment system, Instant Reply, to deliver a tracker-free, fast and easy experience! No sign up required.

Posting a comment will make you leave the tour.

Speaking

Australia to reclassify and strictly regulate Apple Pay

92%
4 min read
Comments
  • Australia pushing for Apple Pay regulation.
  • Australia fears they might lose grip if proper regulation is not set in place.



According to Reuters Australia is now considering creating new laws that would more heavily regulate digital payment systems such as Apple Pay, Google Pay, and WeChat Pay. Over the past 5 years this style of payment has become more prevalent in Australia, and the Australian government is fearing that they might lose a grip on these systems if they don't implement proper regulation.

Reuters says that the Australian government is wanting to designate tech companies as payment systems so that they can be brought into the regulatory environment, as of now companies like Apple and Google and not part of the financial regulatory system.

Australian treasurer Josh Frydenberg says he would “carefully consider” tighter regulations on digital payment services.

“Ultimately, if we do nothing to reform the current framework, it will be silicon valley alone that alone determines the future of our payment systems. A critical piece of our economic infrastructure.”

Australian banks such as the Reserve Bank of Australia and the Commonwealth Bank of Australia have previously raised concerns around digital wallets with "competition issues" and purported safety implications. Around the beginning of 2021 the Australian Parliamentary Committee almost considered forcing Apple to open up the iPhone's NFC chip to support third-party payment systems in an effort to promote competition.




Stories related to Apple

Apple launches Apple Pay Later for select users

100% reliable | 6 minute read

New iWork updates bring Apple Pencil hover features and more

100% reliable | 3 minute read

Apple announces WWDC23 coming June 5

98% reliable | 4 minute read

Apple Music Classical now available

100% reliable | 4 minute read

Apple ends Sprint iPhone activations, removes references from website

100% reliable | 3 minute read

Here's what the rumors are saying about Apple Watch Series 9

67% reliable | 6 minute read

Apple redesigning TV app for macOS

92% reliable | 3 minute read

Apple bringing new ‘Shop With a Specialist Over Video’ feature to online store

100% reliable | 4 minute read

Leaked images spark speculation on Apple's mixed-reality headset

68% reliable | 4 minute read

Apple Watch Ultra with microLED rumored by 2025

76% reliable | 4 minute read

The history of Apple's iconic logo (1976 to 2023)

100% reliable | 9 minute read

17 surprising facts about Apple Inc

100% reliable | 8 minute read

'I want it released this year': Tim Cook pushes ahead with Apple VR headset

61% reliable | 10 minute read

The history behind Apple TV (it actually starts in 1993)

100% reliable | 9 minute read

Kuo: Apple launching new HomePod with 7-inch display in 2024

78% reliable | 4 minute read

It's about time: Apple Music Classical available for pre-order, launches March 28th

100% reliable | 4 minute read

Apple moves focus to India in new sales reorganization

82% reliable | 5 minute read

New MacBook Airs and MacBook Pro set to get M3 chip

82% reliable | 3 minute read

Outlook for Mac now available for free

100% reliable | 4 minute read

Gurman: New 13-inch and 15-inch MacBook Airs coming by WWDC

84% reliable | 5 minute read
More stories

Apple launches Apple Pay Later for select users

100% reliable | 6 minute read

New iWork updates bring Apple Pencil hover features and more

100% reliable | 3 minute read

Apple announces WWDC23 coming June 5

98% reliable | 4 minute read

Here's what's new in iOS 16.4

100% reliable | 6 minute read

Apple Music Classical now available

100% reliable | 4 minute read

Gurman: iOS 17 to include several “nice to have features”

84% reliable | 3 minute read

Apple not planning to release USB-C version of AirPods 3

78% reliable | 5 minute read

Apple ends Sprint iPhone activations, removes references from website

100% reliable | 3 minute read

New Beats Studio Buds+ reportedly coming soon

72% reliable | 3 minute read

Voice Isolation coming to cellular calls in iOS 16.4

100% reliable | 4 minute read

iPhone 15 Pro leak shows new volume and mute buttons

86% reliable | 5 minute read

Here's what the rumors are saying about Apple Watch Series 9

67% reliable | 6 minute read


More stories