Business
Apple Pay, Google Pay, you pay: RBA raises virtual wallet competition concerns – Sydney Morning Herald
RBA governor Philip Lowe says there is a case for changes to laws governing our payments system as technology provides benefits and drawbacks.
“These regulatory powers have been used in conjunction with our ability to persuade and to help solve coordination problems in networks.
“As part of the governments review it is worth considering what the right balance is here and whether the regulatory arrangements could be modified to better address the complexities of our modern payments ecosystem.”
Dr Lowe said technology-focused businesses in payments were driving much of the current innovation. These include so-called fintechs as well as large…
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