Banks lose Apple Pay fight
A group of banks has lost its fight with Apple over the iPhone-maker’s payments platform.
A group of banks has lost its fight with Apple over the iPhone-maker’s payments platform.
A group of banks that have sought the right to act as a cartel in negotiations with Apple over the iPhone maker’s Apple Pay platform have narrowed the scope of their application to the Australian Competition and Consumer Commission (ACCC).
The Australian Competition and Consumer Commission will not authorise a group of banks to band together for negotiations with Apple over the iPhone maker’s Apple Pay platform, states a draft decision issued today by the ACCC. A final decision is not expected until March next year.
A group of banks has confirmed that, at present, only Apple Pay is targeted by an application to the Australian Competition and Consumer Commission that would allow them to engage in a collective boycott of digital wallet services.
The Australian Competition and Consumer Commission (ACCC) has pushed back the timeframe for releasing a draft decision in a stoush between some of Australia’s biggest banks and Apple.
Even if the Australian Competition and Consumer Commission (ACCC) authorises collective negotiations between a group of banks and Apple over the use of the Apple Pay platform, the iPhone maker says that it “will not and cannot” agree to the conditions likely to be sought by the banks.
A submission to the Australian Competition and Consumer Commission (ACCC) by Google Asia Pacific (GAP) argues that there is no basis for allowing banks to band together for negotiations over the Android Pay platform.
The Australian Competition and Consumer Commission says it is “continuing to assess” an application lodged with the body by a group of banks that seek the right to collectively negotiate with, and potentially collectively boycott, mobile wallet providers including Apple.
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The pace of change in the banking industry means it makes sense to seek partnerships with technology companies to help deliver customer-focussed innovations, according to Bendigo and Adelaide Bank managing director Mike Hirst.
Community Telco Australia has exchanged its Apple smartphone fleet for Samsung devices, according to the telco’s parent Bendigo and Adelaide Bank.
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