Apple and Google digital wallets to be brought under payment rules for credit cards, EFTPOS, page-2

So does this mean Apple BNPL is not a threat in Australia? And never was? They only provide credit in the US to a select few users (or all Applepay users now?). Goldman Sachs' Applepay arrears/loss was over a billion dollars a few months ago. Can't see them wanting to take on Australia too. They were wanting to get out of that deal the last I heard. So Australian Zip is safe from Apple BNPL? If you want to use Apple BNPL in Aus you need to have a credit card attached and if you have a credit card, what's the point of BNPL?

Another reason to sell the US business and make it an all Aus/NZ company.

The multinational technology company also argued that digital wallets were different to credit cards and therefore should not have to follow the same rules.

"Apple Pay can only operate with an existing debit, credit or prepaid card issued by a third party ... Apple does not have access to a cardholder's account to determine whether funds are available ... in offering Apple Pay, Apple does not collect any transaction information."

abc.net.au/news/2023-10-11/apple-google-digital-wallets-brought-under-payment-rules/102963302





Apple said it "does not itself provide financial or payment services in Australia.""Apple does not issue debit, credit or prepaid cards in Australia, nor does Apple acquire, process, authorise or execute transactions.”


itnews.com.au/news/apple-pay-google-wallet-face-rba-regulation-601088

At a parliamentary inquiry last week, Apple's Kyle Andeer said his organisation had no idea what a consumer was buying when they use their digital wallet service.

"It is not a financial services product, all it is is a digital reproduction of your physical card - you can't actually use Apple Pay without actually having a physical credit card from a bank," he said.

au.sports.yahoo.com/digital-wallets-crackdown-coming-under-163000883.html