Australia's biggest banks are tackling Apple Pay

Several financial institutions are challenging Apple Pay as they can't create their own options to compete.

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Brittany Vincent
July 28, 2016 4:02 AM
REUTERS/Mike Blake/File Photo
REUTERS/Mike Blake/File Photo
Some of the largest banks in Australia are banding together to protest Apple and its Apple Pay service. Apple Pay first launched in Australia back in April alongside Samsung Pay and Android Pay. Those two payment solutions aren't attracting the banks' ire, however. Apple's option is the target of the banks because they're unable to provide their own personalized mobile payment options in competition with Apple Pay -- the Cupertino company doesn't allow third-party payment apps with iOS.

So the Commonwealth Bank of Australia and Westpac as well as National Australia Bank, Bendigo and Adelaide Bank have filed an application with the Australian Competition and Consumer Commission to negotiate with Apple and get beyond the rockiness of the situation all without having to worry about anti-competition laws.

There was one bank that did partner with Apple in the end: ANZ (Australia and New Zealand Bank.) It is not currently a part of the complaint filed by the other institutions.

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