Australia's big banks unite to challenge Apple on mobile payment

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Added On July 27, 2016

 SYDNEY, July 27 (Xinhua) -- Three of Australia's largest banks have teamed up against Apple in order to win the right to be able to operate their own electronic payment applications on the iPhone.

 
Apple Inc, which has its own digital wallet called Appel Pay, has blocked off third-party digital payment applications by refusing access to the iPhone's antenna for contactless payments, thus only allowing consumers to access internet-banking functions.
 
In the application to the Australian Consumer and Competition Commission (ACCC) on Wednesday, the National Australia Bank, Commonwealth Bank of Australia and Westpac Banking Corp seek permission to collectively negotiate with Apple to enable their own respective services without violating anti-competition laws.
 
Lack of access has stunted their ability to provide better payment services, potentially costing millions of dollars.
 
The Australia and New Zealand Banking Group have already got the jump on the other "big four" after rolling out Apple Pay to its customers in April.
 
The ACCC told Fairfax Media the banks were seeking only "limited collective negotiation with providers of third-party mobile wallet services on conditions relating to competition, best practice standards, and efficiency and transparency."
 
It's believed the thorny issue of interchange fees, which Apple has taken a slice of from ANZ, won't be part of the negotiations.