Apple Pay is by far the most popular mobile-payment service. According to the Cupertino-based company, 3 out of 4 mobile payment is made with Apple Pay. Its significant rise has continued to attract not just fans but even rivals.
The latest news has it that three major Australia’s banks have filed a joint application with anti-trust regulators to demand the access to the NFC-based mobile payment hardware used in its smartphones.
Commonwealth Bank, National Australia Bank (NAB) as well as Westpac are yet to support Apple Pay. The banks want their customers to use the digital wallets they have already provided.
Australian Banks Demand Access to NFC Chip Used in iPhones
“This is about providing Australians with real choice and better outcomes,” said Lance Blockley, a senior advisor at Novantas who spoke to The Sydney Morning Herald on behalf of the banks.”
“If successful, the application would have tremendous benefits for the entire Australian mobile payments landscape including for public transport fares, airlines, ticketing, store loyalty and rewards programs and many more applications yet to be developed.” – Reuters
These reputed financial institutions don’t want to be accused of violating the anti-competition law. Hence, they wish to negotiate a deal with Apple.
Currently, Apple permits only its own mobile payment system to access the NFC-hardware used in iPhone. These Australian banks assert that it is an anti-competitive restriction.
Apple Pay had been rolled out in Australia in November last year. So far, the mobile payment service has had a very slow take off due to certain issues like negotiating fees with the country’s largest banking institutes.
As of now, Apple Pay is available in US, UK, China, Canada, Singapore, Switzerland, France, Hong Kong, and Australia.
You can easily add credit/debit card to your wallet and make payment via Apple Pay using your iPhone 6 or later or Apple Watch.