Australian government wants to reclassify Apple Pay to come under financial regulations

Digital wallets currently fall outside Australia's traditional financial regulatory systems, so regulators propose labeling Apple and other tech giants as payment systems to better govern their wallets.

Apple Pay targeted by Australian regulators
Apple Pay, Google Pay, and other digital wallets allow users to add banking cards to their devices and pay for goods and services. This payment method has become more prevalent in recent years, and the Australian government fears losing a grip on such systems without proper regulation.

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