Apple is in a battle with five of Australia’s banks. Commonwealth Bank, NAB and Westpac, three of the nation’s biggest banks, and two smaller financial institutions are not too pleased with Apple Pay. The five banks are trying to limit Apple’s tight hold on a massive revenue generator: mobile pay. At the same time, these banks are ruining their own reputations as observers accuse them of maintaining cartel behavior.
Apple’s mobile payment platform is making considerable strides in the marketplace. The contactless payment method has become a popular method of payment for consumers everywhere. Due to the overwhelming adoption rate, banks are hopping on the Apple Pay train.
The biggest complaint is that Apple is not opening up its hardware capabilities. Over the last several months, banks have complained that Apple is not permitting access to the intricacies pertaining to its NFC hardware. Simply put: banks want their apps to access Apple’s chip technology.
Despite the widespread disappointment, Apple Inc does not have any intentions to open up access to the hardware.
Moving forward, the banks in Australia want to establish dedicated third-party apps that can utilize tap-and-pay for the iPhone. What makes this interesting is that the banks don’t actually want to use Apple Pay itself.
Full Content: CNET
Want more news? Subscribe to CPI’s free daily newsletter for more headlines and updates on antitrust developments around the world.
Featured News
Amazon’s Investment in Anthropic Faces Antitrust Scrutiny
Apr 24, 2024 by
CPI
Italian Antitrust Authority Fines Amazon €10 Million for Unfair Trade Practices
Apr 24, 2024 by
CPI
Tuta Mail Raises Alarm Over Google Search Ranking Plunge Amidst DMA Rollout
Apr 24, 2024 by
CPI
UK Regulator Investigates Tech Giants’ AI Partnerships Amid Competition Concerns
Apr 24, 2024 by
CPI
TikTok CEO Confident of Overcoming US Ban: ‘We’re Here to Stay’
Apr 24, 2024 by
CPI
Antitrust Mix by CPI
Antitrust Chronicle® – Economics of Criminal Antitrust
Apr 19, 2024 by
CPI
Navigating Economic Expert Work in Criminal Antitrust Litigation
Apr 19, 2024 by
CPI
The Increased Importance of Economics in Cartel Cases
Apr 19, 2024 by
CPI
A Law and Economics Analysis of the Antitrust Treatment of Physician Collective Price Agreements
Apr 19, 2024 by
CPI
Information Exchange In Criminal Antitrust Cases: How Economic Testimony Can Tip The Scales
Apr 19, 2024 by
CPI