Aussies make around 55 million payments every single day, to the tune of $650 billion.
Background: Aussies make around 55 million payments every single day, to the tune of $650 billion.
What happened: But it ain't just funnelled through the regular banks...we've got buy now, pay later companies, crypto platforms and tech giants like Apple, PayPal and Alipay.
What else: Now, Treasurer Josh Frydenberg is planning to impose some regulations around our payments system, which'll be the first changes in more than 25 years. We're talkin:
💡Australia's payments system has become a secret treasure chest for companies in financial services...that aren't banks.
💡Every time you buy a loaf of bread from ya local bakery using Apple Pay...the bakery pays Apple an 'interchange' fee. Every time you use Afterpay...the retailer you buy from gives Afterpay a cut. Ya see?
💡Here's the kicker: these 'non-bank' services haven't been considered under the traditional payment regulation (which means they can get away with waaay more). So these new regulations are planning to level the playing field.
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