Digital wallets and Buy Now Pay Later products are set to be regulated like existing payment systems, with the federal government issuing draft legislation to extend the reach of the Reserve Bank.
The legislation, released for further consultation on Wednesday, will extend the reach of the regulatory powers given to the Reserve Bank of Australia (RBA) to new and emerging payment systems.
If passed in their current form, the reforms will capture Buy Now Pay Later products and digital wallets such as Apple Pay and Google Wallet. It also captures the systems that use non-monetary digital assets for payments.
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