Consumers lose as banks snub Apple's 'digital wallet' system Ed Husic
Consumers lose as banks snub Apple's 'digital wallet' system Ed Husic
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~http://www.smh.com.au/federal-politic...
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The Reserve Bank has been urged to examine potential anti-competitive behaviour in the emerging card-free payments market amid claims the banks have frozen out newcomer Apple Pay.
Labor's spokesman on digital innovation, Ed Husic, has written to the RBA and the Australian Bankers' Association, raising his concern that Australians are being "denied choices" in digital payments.
Read more: http://www.smh.com.au/federal-politic...
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Apple Pay, which allows consumers to leave credit and bank cards at home by making purchases with an iPhone or Apple watch, launched in Australia less than a fortnight ago but all the banks have so far refused to support the new app by allowing customers to link their bank account to their phone.
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More than 700 banks facilitate Apple Pay in the US and all major banks in Britain are on-board but so far American Express is the only financial institution in Australia to partner with Apple.
There have been reports that Apple has pushed for excessive interchange fees so the banks walked away from talks to partner with the tech giant.
Read more: http://www.smh.com.au/federal-politic...