Four Largest Australian Banks claim Apple Pay is anti-competitive

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Four of Australia’s largest banks have lodged a petition with anti-trust regulators in the country to negotiate with Apple and get their own digital payments services on iPhones.

Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and Bendigo and Adelaide Bank have asked the Australian Competition and Consumer Commission to give them permission to collectively negotiate with Apple.

They are hoping that together they can use their collective muscle to convince the technology giant to allow their digital wallets to be loaded onto iPhones.

Currently, Apple Pay is the only service that can use the NFC antenna to facilitate payments, and the banks state that the move is anti-competitive as it locks their own digital wallets from accessing NFC. Apple has locked its devices down so that the banks’ own digital wallets cannot access the iPhone’s antenna, meaning they are unable to facilitate contactless payments.

The banks also want common standards on fraud prevention and want Apple to be part of that process.

The ACCC said on Wednesday the banks are seeking authorisation:

“on behalf of themselves and potentially other credit and debit card issuers to engage in limited collective negotiation with providers of third-party mobile wallet services on conditions relating to competition, best practice standards, and efficiency and transparency”.

Via

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