The Australian government is contemplating introducing new laws to reinforce regulation of digital payment services by leading tech giants including Apple Inc. (AAPL) and Alphabet Inc. (GOOGL) owned Google.
Austalia’s federal treasurer Josh Frydenberg, says he will carefully consider the recommendations from a government–commissioned report in establishing whether the payments systems have kept pace with technological advancements and consumer demand changes.
According to the government, services by Google, WeChat and Apple are not currently categorized as payment systems putting them outside the regulatory system. The government further notes that these companies have grown beyond leaps and bound in recent years.
“Ultimately, if we do nothing to reform the current framework, it will be Silicon Valley alone that determines the future of our payments system, a critical piece of our economic infrastructure,” said Frydenberg.
The government-commissioned report recommended that the government establishes a strategic plan for a wider payments ecosystem and develop a single integrated licensing framework for payment systems.