BANKING TECHNOLOGY | Staff Reporter, Australia

Australian banks to focus on bargaining for access to Apple's contactless payment function

The banks' application to the regulators was previously focused on fees.

According to Reuters, Australian banks seeking permission from the country's competition regulator to bargain collectively with Apple Inc over its mobile payment system said they will focus on gaining access to the U.S. tech company's contactless payment function, removing the fees Apple charges as a bone of contention.

Commonwealth Bank of Australia, Westpac Banking Corp, National Australia Bank Ltd and Bendigo & Adelaide Bank Ltd command two-thirds of Australia's credit card market but have yet to allow use of their cards with Apple Pay which was introduced to the country last year.

Read the full story from Reuters here.

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