Australia: Apple under attack from Australia’s biggest banks over Apple Pay

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

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