The government will release draft legislation today, granting the RBA powers to regulate Apple Pay, Google Pay, and other digital payment services.
This move will enable the RBA to monitor these services in the same way as credit card networks and traditional transactions.
The bill aims to address risks posed by digital wallet providers, which are currently unregulated and have been labelled 'anti-competitive'.
Google and Apple, however, argue that they do not provide payment services.
Instead, they believe they offer a new method for customers to present bank cards through their phones.
