What you need to know
- The Australian government is again considering whether Apple Pay and other digital wallets require more oversight.
- Australia is pondering whether Apple and other companies should be classed as payment providers. As of now, they aren't.
Australia is again considering changing the way it deals with Apple Pay and similar payment systems and digital wallets, according to a new report.
According to Reuters, Treasurer Josh Frydenberg intends to "carefully consider" whether tightened regulation is needed — currently, Apple and similar digital wallet providers are not classed as payment providers, limiting oversight.
That has left some Australians concerned that the country is no longer in control of its own payment infrastructure and could instead end up reliant on companies it has no control over — like Apple, Google, and others. By reclassifying technology companies as payment providers, Australia could reclaim some of its control. The Bank for International Settlements (BIS) released a report earlier this month that said the country needs to "urgently get to grips with the growing influence of" companies like Apple.
The use of Apple Pay and similar wallets continues to grow across Australia, with a Reserve Bank of Australia (RBA) report noting that payment via such wallets has increased to 8% as of 2019, an increase from the 2% in 2016. It's difficult to believe that it won't have increased yet further since.
Oliver Haslam has written about Apple and the wider technology business for more than a decade with bylines on How-To Geek, PC Mag, iDownloadBlog, and many more. He has also been published in print for Macworld, including cover stories. At iMore, Oliver is involved in daily news coverage and, not being short of opinions, has been known to 'explain' those thoughts in more detail, too.
Having grown up using PCs and spending far too much money on graphics card and flashy RAM, Oliver switched to the Mac with a G5 iMac and hasn't looked back. Since then he's seen the growth of the smartphone world, backed by iPhone, and new product categories come and go. Current expertise includes iOS, macOS, streaming services, and pretty much anything that has a battery or plugs into a wall. Oliver also covers mobile gaming for iMore, with Apple Arcade a particular focus. He's been gaming since the Atari 2600 days and still struggles to comprehend the fact he can play console quality titles on his pocket computer.
If you are just going to publish government and bank thought bubbles at least quote the report fully not just the Treasury approved one. The cartel of retail banks in Australia considers the threat of Apple Pay so bad that they have pressed on Frydenberg, a former banker, and now treasurer to "level the playing field". For those not paying attention the 4 banks have:
* lagged behind the technology curve for decades,
* provided abysmal service to customers and
* were found to be bilking customers in a Royal Commission including such gems as:
- billing for no service
- billing dead customers
- allowing money launderers direct logon access to bank systems to perpetuate fraud and child trafficking But yeah "some" Australians are worried about Apple Pay. The banking system in Australia is a cartel that when faced with real competition and innovation respond by requests to hobble that competition rather than innovate and improve their service.
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