The Australian banks have been denied permission to act as a monopolistic cartel in the country, preventing them from negotiating collectively with Apple over Apple Pay terms for the time being as reported by Reuters. Australian banks are resisting adoption of Apple’s mobile payment solution (available in iPhone 6 and iPhone 6s), referring to hefty fees and loss of customer control.
Apple says that the banks are being anti-competitive by blocking the introduction of innovative payment technologies like Apple Pay. The banks want to force Apple to open up the NFC chip to third-party developers, which Apple says would cripple the security standards of its platform.
more…Filed under: Apple
