China Restricts Amount of Time Minors can Spend on Online Games
In a strict response to growing concerns over gaming addiction, Chinese regulators have slashed the amount of time players under the age of 18 can spend on online games on Fridays, weekends and holidays.
As per the rules, users under the age of 18 will only be able to play games from 8 pm to 9 pm local time on those days. Online gaming companies will be barred from providing gaming services to them in any form outside those hours and need to ensure they have put real name verification systems in place, said the regulator, which oversees the country’s video games market.
Previously, China limited the total length of time minors could access online games to three hours on holiday or 1.5 hours on other days.
Australia to Enact New Laws for Apple Pay, Google Pay
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.
PhonePe Gets Insurance Broking License from IRDAI
PhonePe has received an insurance broking license from IRDAI. This is a crucial win for India’s biggest digital payments operators by transactions, to turn into a full-stack financial services provider.
The fintech startup, part of the Walmart-owned Flipkart Group, can now distribute policies from all companies across categories thereby helping the firm diversify its offerings while also being able to offer recommendations. PhonePe started selling insurance policies as a corporate agent last year, which allowed it to list insurance plans from three companies each from the life, health and general insurance categories.
