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Apple has accused some of Australia's largest banks of wanting to price its mobile payment service out of the market and at the same time condition consumers to accept a fee-based model for tap-and-pay transactions for their own mobile wallets.
In its latest submission to the Australian Competition and Consumer Commission, Apple once again raises the spectre of diminished competition in the country's nascent mobile wallet market.
"It may well be that the applicant banks have taken the view that customers may be more willing to pay fees to use Apple Pay," the statement reads, "and on that basis see an opportunity to introduce and condition the market to transaction fees for the use of Apple Pay, with the longer-term view to setting a precedent for charging for mobile payments on other digital wallets, in the future, including the banks' own proprietary wallets."
Full article here: https://www.finextra.com/newsarticle/30091/apple-fears-australian-banks-will-price-it-out-of-the-market
Financal News shared by One Partner Limited. Marketing vehicle and personal finance for AA Finance.