Australia's major banks, including Commonwealth Bank of Australia (ASX:CBA), Westpac Banking Corporation (ASX:WBC, NZE:WBC), National Australia Bank (ASX:NAB), and ANZ Group Holdings (ASX:ANZ, NZE:ANZ), have called on the Senate to pass legislation to bring emerging payment methods such as digital wallets, buy now pay later schemes, within regulatory oversight, according to a Wednesday statement by the Australian Banking Association (ABA).

"These laws must evolve and bring Australia's outdated payments regulation into the digital age," said ABA CEO Simon Birmingham. "Currently, our payments system laws date back to a world of cheques, swipe cards, and dial-up internet."