Literally the next sentence in the article:
Digital wallets from the likes of Apple (AAPL.O), Google (GOOGL.O) and WeChat developer Tencent (0700.HK) have exploded in popularity but are not captured by Australian payments law.
Comment on Australia to amend law to regulate digital payments like Apple, Google Pay
kirklennon@kbin.social 11 months ago
Australia's government said on Monday it would bring Apple Pay, Google Pay and other digital payment services under the same regulatory umbrella as credit cards and other payments as part of legislation set to be introduced to parliament this week.
This is complete nonsense. Does the government even know what it’s saying? Apple Pay just refers to a credit or debit card loaded onto your device. It’s already fully covered by all regulations that apply to the cards themselves.
MCk3@lemmy.world 11 months ago
kirklennon@kbin.social 11 months ago
Yes, the next sentence is blatantly false.
SkepticalButOpenMinded@lemmy.ca 11 months ago
I’m in favour of more regulation of big corporations, especially for financial services, so I’m not ready to dismiss this move as “complete nonsense”.
Apple/Google Pay is an additional intermediary that allows you to pay for things on your devices using your credit card. They charge fees over and above the credit cards, and have power over their respective digital platforms — for example, where and when you can easily use the service.
Now you might counter that they both happen to be pretty fair about that. They haven’t been using their power to unfairly exclude merchants or credit cards, and maybe their fees are fair. I don’t personally know. But the fact that they have the power to not be fair is evidence to me that there is something to be regulated there, independent of regulation of credit card companies.
kirklennon@kbin.social 11 months ago
Apple/Google Pay is an additional intermediary that allows you to pay for things on your devices using your credit card.
They’re not involved in the actually processing of payments though.
They charge fees over and above the credit cards
The merchant pays the same; they charge the issuing bank a fee. The Australian government already fretted about that years ago but got over it.
thatKamGuy@sh.itjust.works 11 months ago
This almost feels like they’re name-dropping Apple Pay and Google Pay to mask the fact that this is more aimed towards embedded payment systems like WeChat (along with AliPay and whatever hot garbage Musk intends to add to Xitter)?
ABCDE@lemmy.world 11 months ago
Google Pay can use PayPal, from what I remember.
Deceptichum@kbin.social 11 months ago
https://www.afr.com/companies/financial-services/apple-pay-costs-for-australian-banks-revealed-20221209-p5c527
They’re putting fees on top of your banks card. That needs to be regulated.