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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)
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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."

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US May Target Samsung, Hynix, TSMC Operations in China

A man walks past the logo of Samsung Electronics displayed outside the company's Seocho building in Seoul on April 30, 2025. (Photo by Jung Yeon-je / AFP)
A man walks past the logo of Samsung Electronics displayed outside the company's Seocho building in Seoul on April 30, 2025. (Photo by Jung Yeon-je / AFP)
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US May Target Samsung, Hynix, TSMC Operations in China

A man walks past the logo of Samsung Electronics displayed outside the company's Seocho building in Seoul on April 30, 2025. (Photo by Jung Yeon-je / AFP)
A man walks past the logo of Samsung Electronics displayed outside the company's Seocho building in Seoul on April 30, 2025. (Photo by Jung Yeon-je / AFP)

The US Department of Commerce is considering revoking authorizations granted in recent years to global chipmakers Samsung, SK Hynix and TSMC, making it more difficult for them to receive US goods and technology at their plants in China, according to people familiar with the matter.

The chances of the United States withdrawing the authorizations are unclear. But with such a move, it would be harder for foreign chipmakers to operate in China, where they produce semiconductors used in a wide range of industries, Reuters said.

A White House official said the United States was "just laying the groundwork" in case the truce reached between the two countries fell apart. But the official expressed confidence that the trade agreement would go forward and that rare earths would flow from China, as agreed.

"There is currently no intention of deploying this tactic," the official said. "It's another tool we want in our toolbox in case either this agreement falls through or any other catalyst throws a wrench in bilateral relations."

Shares of US chip equipment makers that supply plants in China fell when the Wall Street Journal first reported the news earlier on Friday. KLA Corp dropped 2.4%, Lam Research fell 1.9% and Applied Materials sank 2%. Shares of Micron, a major competitor to Samsung and SK Hynix in the memory chip sector, rose 1.5%.

A TSMC spokesman declined comment. Samsung and Hynix did not immediately respond to requests for comment. Lam Research, KLA and Applied Materials did not immediately respond, either.

In October 2022, after the United States placed sweeping restrictions on US chipmaking equipment to China, it gave foreign manufacturers like Samsung and Hynix letters authorizing them to receive goods.

In 2023 and 2024, the companies received what is known as Validated End User status in order to continue the trade.

A company with VEU status is able to receive designated goods from a US company without the supplier obtaining multiple export licenses to ship to them. VEU status enables entities to receive US-controlled products and technologies "more easily, quickly and reliably," as the Commerce Department website puts it.

The VEU authorizations come with conditions, a person familiar with the matter said, including prohibitions on certain equipment and reporting requirements.

“Chipmakers will still be able to operate in China," a Commerce Department spokesperson said in a statement when asked about the possible revocations. "The new enforcement mechanisms on chips mirror licensing requirements that apply to other semiconductor companies that export to China and ensure the United States has an equal and reciprocal process.”

Industry sources said that if it became more difficult for US semiconductor equipment companies to ship to foreign multinationals, it would only help domestic Chinese competitors.

"It’s a gift," one said.