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.

Join Asian Banking & Finance community
Since you're here...

...there are many ways you can work with us to advertise your company and connect to your customers. Our team can help you dight and create an advertising campaign, in print and digital, on this website and in print magazine.

We can also organize a real life or digital event for you and find thought leader speakers as well as industry leaders, who could be your potential partners, to join the event. We also run some awards programmes which give you an opportunity to be recognized for your achievements during the year and you can join this as a participant or a sponsor.

Let us help you drive your business forward with a good partnership!