News > Tech giants’ march into banking raises big dilemmas

Tech giants’ march into banking raises big dilemmas

Digital wallets took off during the COVID-19 pandemic, and are unregulated, growing fast, and dominated by Apple and Google. Google doesn’t charge fees for its wallet, but Apple does. How much? It won’t say. Loading Treasurer Jim Chalmers recently unveiled changes that will allow the Reserve Bank to force Apple to reveal what it’s charging. But the fight over Apple Pay is really just the tip of the iceberg when it comes to the competitive threat to banks from big tech.