Australia to Amend Law to Regulate Digital Payments Like Apple, Google Pay 

An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. (Reuters)
An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. (Reuters)
TT
20

Australia to Amend Law to Regulate Digital Payments Like Apple, Google Pay 

An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. (Reuters)
An illuminated Google logo is seen inside an office building in Zurich, Switzerland December 5, 2018. (Reuters)

Australia's government said on Monday it would bring Apple Pay, Google Pay and other digital payment services under the same regulatory umbrella as credit cards and other payments as part of legislation set to be introduced to parliament this week.

Digital wallets from the likes of Apple, Google and WeChat developer Tencent have exploded in popularity but are not captured by Australian payments law.

The legislation, first flagged last month, will broaden the legislation that empowers the Reserve Bank of Australia to regulate payments so that it applies to new and emerging technology.

"We are modernizing Australia's payments system to ensure it meets the needs of our economy now and into the future," Treasurer Jim Chalmers said in a statement.

"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."

Legislation is set to be introduced on Wednesday or Thursday, according to Chalmers' office.

Regulators are responding to the rapid growth of digital wallets, especially among the young. Transactions from a digital wallet hit 35% of all card transactions in the June quarter, up from 10% in early 2020.

Two-thirds of Australians aged between 18 and 29 use mobile payments. Before the pandemic it was less than 20%.

The amendments will also give a relevant minister power to subject a system or platform to special oversight in the event it presents a risk of "national significance."



Huawei Launches Pura 80 Smartphone Series in Next Step of China Comeback 

The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
TT
20

Huawei Launches Pura 80 Smartphone Series in Next Step of China Comeback 

The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)
The Huawei logo is seen in this illustration taken on January 29, 2025. (Reuters)

Chinese tech giant Huawei launched its Pura 80 smartphone series on Wednesday, as the company seeks to cement its comeback in China's premium smartphone market following years of US sanctions.

Huawei's latest flagship launch demonstrates the Chinese tech giant's continued efforts to reclaim the top spot in its home market despite ongoing US sanctions. Each new phone release is closely watched as a barometer of the company's technological capabilities and market resilience following years of restrictions that severely impacted its smartphone business.

Huawei's resurgence has intensified pressure on Apple, which has seen its market share in China steadily decline and has increasingly relied on price discounts to stimulate sales.

Huawei unveiled the Pura 80 series through a livestream event, with consumer business unit head Yu Chengdong focusing heavily on camera capabilities and AI features while staying silent about the chips powering the devices.

The series includes four models: Pura 80, Pura 80 Pro, Pura 80 Pro+, and Pura 80 Ultra. Pricing starts at 6,499 yuan ($905) for the Pro series launching June 14, with the Pro+ also launching June 14 at 7,999 yuan and the Ultra at 9,999 yuan on June 26. The base model launches in July.

The cameras use XMAGE technology and feature ultra-wide-angle and macro telephoto lenses with embedded AI that can identify objects and provide information like tourist guides.

Huawei phone launches generate significant interest as many view them as the company defying US sanctions.

On Chinese microblogging platform Weibo, three of the top ten trending topics on Wednesday were Pura 80-related. User reactions were mixed, with many praising the camera capabilities and sleek design, while others complained the prices were too high and not worth the cost.