Following this announcement, the Australian Banking Association (ABA)’s initiative to urge the Parliament to pass legislation aims to ensure that the region’s payments regulatory framework remains fit-for-purpose. This process takes place as digital payments continue to develop in a fast manner.
This legislation will provide the RBA with the possibility to regulate all players within the payments system, including Apple and Google, in order to ensure it is fair and safe for all clients and customers.
According to officials from the RBA, during each month Australians are making over 500 million payments through the use of mobile wallets, processes that are worth over USD 20 billion. At the same time, the payment landscape had evolved significantly with the overall introduction of mobile wallets. These reforms are set to ensure that the region of Australia continues to maintain its development in the payments system.
In addition, with mobile wallets becoming more and more leveraged in Australia’s payment architecture, it is expected that global tech companies will be subject to the same oversight and client protection laws as the rest of the payments landscape. The reforms can be passed this sitting fortnight, as they were first flagged a couple of months ago and are urgently needed in order to ensure that transaction regulations remain fit-for-purpose while providing the necessary customer protection as well.
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