[1/2] A smartphone with Apple Pay and Google Pay logos is placed on a laptop in this illustration taken on July 14, 2021. 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 Australia's financial regulatory system. The proposed rules would enable the Reserve Bank of Australia (RBA) to monitor digital wallet payments in the same way as credit card networks and other transactions. The draft law would expand the definitions of "payment system" and "participant" in Australia's existing laws, treasury documents showed. Payments infrastructure and the regulatory framework have not kept pace with transitions in finance, particularly in Australia's digital economy and payments.

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Persons: Dado Ruvic, Jim Chalmers, Renju Jose, Stephen Coates Organizations: Apple, REUTERS, Rights, Google, Reserve Bank of Australia, Australian Banking Association, Thomson Locations: Sydney