Digital Wallets Like Google, Apple Pay to Be Regulated by Reserve Bank

The legislation is the Labor government’s latest effort to ’modernise' Australia’s payment system.

An iPhone is used to make an Apple Pay purchase at The Post Office in London, England, on July 14, 2015. Peter Macdiarmid/Getty Images

The Australian government is one step closer to imposing regulations on digital payment services, such as Apple Pay and Google Pay, amid the push for the digitalisation of the country’s payment system.

On Oct. 11, the federal government released a draft legislation that expanded the power of the Reserve Bank of Australia (RBA), allowing it to regulate new and emerging payment systems.