Australian banks have required an update of the payment laws to incorporate Digital payment Services, whose market share has been skyrocketed in recent years.
The Australian Banking Association (ABA) urged the country’s parliament to approve proposed amendments to the Payment System Act (Regulation), which would increase the extent of regulations to include digital payments. The law was adopted in 1998 and has not been updated since and left the banks strongly regulated, while their digital counterparts enjoy massive regulatory flexibility.
“The payment system has been quickly developed, but the regulations have not been updated in over 25 years,” abandoned Anna Bligh, ABA’s CEO. “When the current laws were made in 1998, cash and controls the dominant payment methods, internet shopping did not exist and mobile phones still had antennas.”
Payment landscape in Australia has developed rapidly over the past decade, with Mobile wallets And other forms of digital payments become popular when Aussies abandon cash. A new report from Globaldata Funs Digital payments accounted for 53% of all e-commerce transactions in 2024, and exceeded card payments and cash combined for the first time.
The latest report from Reserve Bank of Australia (RBA) found that Aussies make over 500 million digital payments each month and make over $ 20 billion, “and it is imperative that these payments be captured within the regulations,” says Bligh.
“With mobile wallets that become a dominant force in Australia’s payment architecture – it is only fair that global technology companies are covered by the same supervisory and consumer protection laws as the rest of the payment system.”
In fact, Global Digital Payments Giants dominate the Australian market. A report Funs the paypal (Nasdaq: Pypl) have significant management in digital payments in the country, with Apple Pay (Nasdaq: Aapl) and Google Pay (Nasdaq: Googl) also in the top five. BPay, a payment service owned by the four largest banks, is the most widely used local service, with the other local company in top five – buy now, pay later service afterpay –owned by the American company Block.
The Banking Association criticized legislators for pulling its feet, which it says has continued to damage the local banks.
“These reforms can be transferred this sitting two weeks. They were first flagged over 1200 days ago and needed urgent to ensure that the payment rules remain appropriate for purposes and provide the necessary customer protection, ”pronounced bligh.
While the new changes to the Payment Act will introduce a comprehensive framework for digital payments, digital assets in legislative limbo in Australia will remain. In December Securities Watchdog proposed New changes that would provide improved jurisdiction compared to virtual suppliers of asset services (VASP). According to the proposed law, the guard dog would monitor Non-fungible tokens (NFT), return -bearing Stablecoinstokenized securities and response services.
Digital payments lead to withdrawals in India falling in India
Digital payments have also taken off in India, and according to the latest data, they lead to a gradual reduction in the number Automated teller machines (Atm).
In Ahmedabad, the largest city in the western Indian state of Gujarat, ATMs fell marginally for the first time during the years during the year ended in September 2024, with the convenience of digital payments to blame. In the wider gujarat, the total number of ATMs increased by a minor 1.12% after years of rapid growth, reports The Times of India.
India has seen a sharp At the top of digital payments Over the past decade, with a growing fintech sector and ubiquitous mobile ownership as some of the most important driving forces. The country’s uniform payment interface (UPI), an immediate payment protocol that was launched in 2016, now has over 350 million users and is available in other nations, including the United Arab Emirates, NepalFrance and Singapore.
“The number of digital transactions has increased exponentially, especially through UPI. As a result, the requirement for cash decreases, and a more convenient payment method is adopted, ”told a senior official from the state banks’ committee to The Times.
The decline in ATMs is also attributed to the increasing assumption of the technology by the banks, which now drives consumers to digital platforms, which are cheaper to operate. Mergers and acquisitions have also played a role, with the consolidated clothes that merges their ATMs.
Battle against ATMs can be exacerbated by the emergence of e-coupia. Indian lenders and fintechs is more and more offered the Central Bank digital currency (CBDC) to its users and handles another battle for cash use.
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