Australia considering new laws for Apple, Google, WeChat digital wallets | The Business Standard
Skip to main content
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
The Business Standard

Sunday
June 15, 2025

Sign In
Subscribe
  • Latest
  • Economy
    • Banking
    • Stocks
    • Industry
    • Analysis
    • Bazaar
    • RMG
    • Corporates
    • Aviation
  • Videos
    • TBS Today
    • TBS Stories
    • TBS World
    • News of the day
    • TBS Programs
    • Podcast
    • Editor's Pick
  • World+Biz
  • Features
    • Panorama
    • The Big Picture
    • Pursuit
    • Habitat
    • Thoughts
    • Splash
    • Mode
    • Tech
    • Explorer
    • Brands
    • In Focus
    • Book Review
    • Earth
    • Food
    • Luxury
    • Wheels
  • More
    • Sports
    • TBS Graduates
    • Bangladesh
    • Supplement
    • Infograph
    • Archive
    • Gallery
    • Long Read
    • Interviews
    • Offbeat
    • Magazine
    • Climate Change
    • Health
    • Cartoons
  • বাংলা
SUNDAY, JUNE 15, 2025
Australia considering new laws for Apple, Google, WeChat digital wallets

Global Economy

Reuters
30 August, 2021, 03:00 pm
Last modified: 30 August, 2021, 03:05 pm

Related News

  • Foxconn sends 97% of India iPhone exports to US as Apple tackles Trump's tariffs
  • Here’s everything Apple announced at WWDC 2025
  • Google offers buyouts to more workers amid AI-driven tech upheaval and antitrust uncertainty
  • Russia fines Apple for violating 'LGBT propaganda' law, TASS reports
  • UK to expand submarine fleet as defence review calls for 'warfighting readiness'

Australia considering new laws for Apple, Google, WeChat digital wallets

Services such as 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 the regulatory system

Reuters
30 August, 2021, 03:00 pm
Last modified: 30 August, 2021, 03:05 pm
A smartphone with Apple Pay and Google Pay logos is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/Illustration
A smartphone with Apple Pay and Google Pay logos is placed on a laptop in this illustration taken on July 14, 2021. REUTERS/Dado Ruvic/Illustration

The Australian government is considering new laws that would tighten the regulation of digital payment services by tech giants such as Apple and Alphabet's Google.

Treasurer Josh Frydenberg said he would "carefully consider" that and other recommendations from a government-commissioned report into whether the payments system had kept pace with advances in technology and changes in consumer demand.

Services such as 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 the regulatory system.

The Business Standard Google News Keep updated, follow The Business Standard's Google news channel

"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," Frydenberg said in an opinion piece published in the Australian Financial Review newspaper.

The Bank for International Settlements (BIS) earlier this month called for global financial watchdogs to urgently get to grips with the growing influence of 'Big Tech', and the huge amounts of data controlled by groups such as Google, Facebook, Amazon and Alibaba.

The Australian report recommended the government be given the power to designate tech companies as payment providers, clarifying the regulatory status of digital wallets.

It also recommended the government and industry together establish a strategic plan for the wider payments ecosystem and that a single, integrated licensing framework for payment systems be developed.

The Reserve Bank of Australia (RBA), which is currently in charge of designating who is a payment services provider, reported that payments through digital wallets had grown to 8% of in-person card transactions in 2019, up from 2% in 2016.

The Commonwealth Bank of Australia, which has estimated digital wallet transactions more than doubled in the year to March to A$2.1 billion, has urged regulators to address "competition issues" and consider the safety implications of their use.

Top News / World+Biz

australia / Digital wallets / Apple / google / WeChat

Comments

While most comments will be posted if they are on-topic and not abusive, moderation decisions are subjective. Published comments are readers’ own views and The Business Standard does not endorse any of the readers’ comments.

Top Stories

  • Infographic: TBS
    Chattogram Port proposes 70%-100% tariff hike
  • Benjamin Netanyahu in a video-message on 14 June. Photo: Collected
    Israel says attacks on Iran are nothing compared with what is coming
  • Police stand at a crime scene as they searched for a suspect posing as a police officer who shot two Democratic state lawmakers and their spouses in their homes, in the Minneapolis suburb of Champlin, Minnesota, U.S. June 14, 2025 in a still image from video. ABC Affiliate KTSP via REUTERS
    Manhunt underway after Minnesota lawmaker, her husband killed in 'politically motivated' attack

MOST VIEWED

  • Energy adviser Fouzul Kabir Khan with other government officials during a visit to Sylhet gas field on 13 June 2025. Photo: TBS
    I would disconnect gas supply to every home in Dhaka if I could: Energy adviser
  • Infographic: TBS
    Govt plans incentives for Bangladeshis bringing in foreign investment
  • Tour operator Borsha Islam. Photo: Collected
    ‘Tour Expert’ admin Borsha Islam arrested over Bandarban tourist deaths
  • BNP Acting Chairperson Tarique Rahman and Chief Adviser  Muhammad Yunus meet at Dorchester Hotel in London, UK on 13 June 2025. Photo: CA Press Wing
    National polls possible in 2nd week of February, agree Yunus, Tarique in 'historic' London meeting
  • Infographics: TBS
    220MW solar power plant planned in Feni
  • Rescuers work at the scene of a damaged building in the aftermath of Israeli strikes, in Tehran, Iran, June 13, 2025. Majid Asgaripour/WANA (West Asia News Agency) via REUTERS
    Tehran retaliates with 100 drones after Israel strikes Iran's nuclear facilities, kills military leaders

Related News

  • Foxconn sends 97% of India iPhone exports to US as Apple tackles Trump's tariffs
  • Here’s everything Apple announced at WWDC 2025
  • Google offers buyouts to more workers amid AI-driven tech upheaval and antitrust uncertainty
  • Russia fines Apple for violating 'LGBT propaganda' law, TASS reports
  • UK to expand submarine fleet as defence review calls for 'warfighting readiness'

Features

Photos: Collected

Kurtis that make a great office wear

1d | Mode
Among pet birds in the country, lovebirds are the most common, and they are also the most numerous in the haat. Photo: Junayet Rashel

Where feathers meet fortune: How a small pigeon stall became Dhaka’s premiere bird market

3d | Panorama
Illustration: Duniya Jahan/ TBS

Forget Katy Perry, here’s Bangladesh’s Ruthba Yasmin shooting for the moon

4d | Features
File photo of Eid holidaymakers returning to the capital from their country homes/Rajib Dhar

Dhaka: The city we never want to return to, but always do

5d | Features

More Videos from TBS

Which major powers align with whom in the Israel-Iran conflict?

Which major powers align with whom in the Israel-Iran conflict?

7h | Podcast
Israeli attack: Will Iran be inclined to develop nuclear weapons?

Israeli attack: Will Iran be inclined to develop nuclear weapons?

7h | Others
Why Did Israel Use Hellfire Missiles in the Iran Attack?

Why Did Israel Use Hellfire Missiles in the Iran Attack?

8h | Others
Beach Sand Tragedy: Negligence or Natural Disaster?

Beach Sand Tragedy: Negligence or Natural Disaster?

9h | TBS Stories
EMAIL US
contact@tbsnews.net
FOLLOW US
WHATSAPP
+880 1847416158
The Business Standard
  • About Us
  • Contact us
  • Sitemap
  • Advertisement
  • Privacy Policy
  • Comment Policy
Copyright © 2025
The Business Standard All rights reserved
Technical Partner: RSI Lab

Contact Us

The Business Standard

Main Office -4/A, Eskaton Garden, Dhaka- 1000

Phone: +8801847 416158 - 59

Send Opinion articles to - oped.tbs@gmail.com

For advertisement- sales@tbsnews.net