Apple says Australian Apple Pay regulations will stifle innovation

Apple Pay will soon be required to comply with rules already imposed on credit cards and EFTPOS transactions in Australia. Apple says these new rules will stifle innovation.
Apple Pay
Stephanie Borys for ABC News:
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Treasurer Jim Chalmers has argued that new payment systems, like digital wallets, should be regulated in the same way as credit cards, EFTPOS and other transactions… “As payments increasingly become digital, our payments system needs to remain fit for purpose so that it delivers for consumers and small businesses,” Jim Chalmers said in a statement.
But in a submission to the federal government during the consultation process, Apple argued the regulation would harm the emerging technology.
“Apple believes the proposed expansion … will increase regulatory burden without a net public benefit, give rise to … regulatory error and stifle the dynamic innovation that has characterised Australia’s payment system over recent years,” Apple’s statement said.
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.”

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MacDailyNews Take: Meddling bureaucrats gumming up the works unnecessarily – as it ever was.
The nine most terrifying words in the English language are: I’m from the government and I’m here to help. ― Ronald Reagan
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