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 …
Want to know how this story ends?
Become a subscriber for complete access to all stories on InnovationAus.com and our daily newsletter.
Already a member? Log in here
Do you know more? Contact James Riley via Email.