Australia to amend laws to regulate digital payments like Apple and Google Pay.

As part of a piece of legislation that will be presented to parliament this week, the Australian government said on Monday that it would include Apple Pay, Google Pay, and other digital payment systems under the same regulatory framework as credit cards and other forms of payment.

Despite the meteoric rise in popularity, digital wallets such as those offered by Apple (AAPL.O), Google (GOOGL.O), and Tencent (0700. HK), the developer of WeChat, are not covered by the laws governing payments in Australia.

The legislation initially mentioned a month ago will widen the statute that authorizes the Reserve Bank of Australia to regulate payments to apply to new and developing technologies. This was the first time the legislation was mentioned.

According to a statement released by Treasurer Jim Chalmers, “We are modernizing Australia’s payments system to ensure that it meets the needs of our economy both now and into the future.”

“We want to make sure the increasing use of digital payments occurs in a way that helps promote greater competition, innovation, and productivity across our entire economy.”

According to information provided by Chalmers’ office, the proposed legislation will be presented on Wednesday or Thursday.

Regulatory bodies are taking action in light of the meteoric rise in the popularity of digital wallets, particularly among young people. The percentage of card transactions originating from a digital wallet increased to 35% in the June quarter, up from 10% at the beginning of 2020.

Between the ages of 18 and 29, mobile payments are used by two-thirds of the population in Australia. A percentage lower than 20% had it before the epidemic.

The revisions would also give the appropriate minister the authority to place a system or platform under exceptional control if it poses a risk of “national significance.”