Australia Set to Regulate Digital Payments, Including Apple and Google Pay
Australia's plan to regulate digital payments, including Apple and Google Pay. Learn how new rules aim to ensure fairness and innovation in the evolving economy.
Australia is planning to make rules for digital payments like Apple Pay and Google Pay. This means they want to put these digital ways of paying money under the same rules as credit cards and other ways of paying.
The government in Australia thinks it's important to have rules for these new ways of paying because a lot of people, especially younger ones, are using them a lot. They want to make sure these new ways of paying are fair and help our economy.
The new rules, which they plan to make official this week, will give the Reserve Bank of Australia the power to make sure everything is fair when it comes to these digital payments. They want to make sure these ways of paying don't stop competition, innovation, and making things better for our country.
Before, there were no specific rules for digital wallets from companies like Apple, Google, and Tencent (which makes WeChat). Now, the government wants to change that.
Jim Chalmers, who is like the money boss in Australia, says, "We are updating Australia's payment system to make sure it works for our country now and in the future. We want to make sure that more people using digital payments helps make things better for everyone and makes our economy stronger."
The new rules will also let a special person in the government watch over a system or platform if it could be a big problem for the whole country. This is to make sure everything stays safe and doesn't cause big issues.
These changes come because more and more people are using digital wallets. In the past, only a small number of young people used mobile payments, but now, it's become really popular. The government wants to make sure these changes are good for everyone and help our country grow.
So, this week, the government is going to talk about and make official the new rules to keep up with how we use money in today's world.