Apple Primed to Win Against Australian Banking Cartel in Apple Pay Standoff

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A petition to collectively bargain and boycott Apple on Apple Pay by three of Australia’s “big four” banks is set to be dismissed by the Australian Competition and Consumer Commission (ACCC), the country’s antitrust regulator.

Fintech is all the rage and Australia’s big banks want in, by demanding access to Apple’s in-house Apple Pay platform with their own terms.

The Commonwealth Bank, the National Australia Bank and Westpac are three of Australia’s ‘big four’ banks complaining that Apple is barring them from gaining access to its Apple Pay platform, after negotiations between the banks and the tech giant fell apart earlier this year.

The other ‘big four’ bank, the Australia and New Zealand Banking Group (ANZ) has struck a deal with Apple and is already seeing the benefits of partnering one of the world’s leading mobile platforms. Within four days of launch, the ANZ Apple Pay microsite reportedly clocked 61,000 unique visitors, while web traffic to ANZ’s website went up 6%. Stringent confidentiality measures do not reveal the actual number of ANZ customer’s debit

Read more ... source: CryptoCoinsNews