Big tech poses a risk to competition in payments – RBA’s Lowe

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The Reserve Bank of Australia may need additional powers to govern the payment landscape if big tech firms continue to muscle in on the payment space, according to governor Philip Lowe.

Speaking today (December 4), Lowe noted current laws dictating the RBA’s powers have not been changed in more than 20 years, despite rapid evolution in payments. “While the powers are quite broad, in practice the bank has the ability to regulate only a fairly limited range of entities,” he said.

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