Australia is considering new regulations for digital wallets such as Apple and Google

On August 30, the Australian government is considering enacting new laws to strengthen supervision of digital payment services of technology giants such as Apple and Alphabet's Google.

The Reserve Bank of Australia, which is currently responsible for designating payment service providers, reported that payments made through digital wallets grew to 8% in 2019, up from 2% in 2016. The Commonwealth Bank of Australia, which estimates that digital wallet transaction volume more than doubled to A$2.1 billion in the year to March, has urged regulators to address "competition concerns" and consider the security implications of their use. (cnbc)