Digital payments crackdown looms with global tech giants to be regulated

The way Australians shop online, pay bills and manage their hard earned pay packets in the rapidly changing digital world is about to get the biggest shakeup in a generation.

As many consumers switch to digital payments, the federal government is racing to regulate new fintech players including "buy now pay later" companies like Afterpay but also often high risk cryptocurrencies like Bitcoin.

I speak with Gerard Brody from the Consumer Action Law Centre who says a single payments regulator us needed as a tough cop to protect consumers from cryptocurrency scams.