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AAP
AAP
Politics
Alex Mitchell

Digital wallets crackdown coming under new regulations

Apple Jim Chalmers Australia

Digital wallets like Google Pay and Apple Pay would be regulated under draft laws released by the federal government.

An attempt to modernise Australia's payments system is expected to hit parliament this year so digital wallets would face the same regulations as credit cards and EFTPOS transactions.

Treasurer Jim Chalmers flagged the changes in a speech to the Australian Banking Association, stating new powers were needed to respond to emerging challenges.

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