Draft legislation to regulate digital wallets will be released on Wednesday.
Apple and Google say they do not provide payments services in Australia.
But CBA say new powers are needed to oversee Apple as digital wallets grow.
The Albanese government is moving to regulate Apple Pay, Google Pay and other new digital payment services by expanding the Reserve Bank’s powers, with draft legislation to be released on Wednesday.
The bill will allow the RBA to regulate digital wallet providers in the same way as credit card networks and other types of transactions. The Treasurer will also get a new designation power to order regulatory oversight in the national interest.
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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au
