Aussie banks disallowed by regulator to boycott Apple Pay

The Australian Competition and Consumer Commission is concerned it would "reduce and distort competition".

According to the Australian Broadcasting Corporation, the Australian Competition and Consumer Commission has issued a final determination denying Australian banks permission to collectively bargain with Apple and boycott Apple Pay, saying it is concerned it would reduce and distort competition.

Commonwealth Bank, Westpac, NAB and Bendigo Bank sought to bargain with Apple for access to its Near-Field Communication (NFC) technology in iPhones and "reasonable access terms" to the iTunes App Store.

Read the full story here.

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