The Australian government is considering new laws to tighten regulation of digital payments services by Big Tech firms such as Apple and Google.

Services such as Apple Pay, Google Pay and China’s WeChat Pay, which have grown rapidly in recent years, are not currently designated as payments systems, putting them outside the regulatory system.

The Australian report recommended the government be given the power to designate tech companies as payments providers, clarifying the regulatory status of digital wallets.

It also recommended the government and industry together establish a strategic plan for the wider payments ecosystem and that a single, integrated licensing framework for payment systems be developed.