Apple has made a formal complaint to the Australian Competition and Consumer Commission in response to resistance from Australian financial institutions to adopt Apple Pay. Apple says the country’s three largest banks have formed a monopolistic cartel and are collectively dictating terms of new payment business models, like Apple Pay.
It also rejected the request from banks to let them have access to the NFC radio and create alternate contactless payment systems on top of the iPhone. Apple says doing so would compromise the security of its platform as it mandates very high standards when customers make payments on Apple systems.
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