Apple: the Australian banks’ electronic payments request would harm customers

Apple has issued a formal response to the Australian Competition and Consumer Commission (ACCC), Australia’s anti-trust regulator, saying that giving Australian banks what they want would be doubly harmful to consumers. The country’s three biggest banks want approval to collectively negotiate with Apple to install their own electronic payments applications on iPhones.

Last month those banks, including the top lender, National Australia Bank, lodged a joint application with anti-trust regulators seeking approval to collectively negotiate with Apple to install their own electronic payments applications on iPhones. 

Apple, which operates its Apple Pay mobile payment service, doesn’t allow third-party electronic payment apps to be installed on the smartphone. The banks are seeking to be able to negotiate jointly for access to Apple’s phones without themselves being accused of violating anti-competition law.

However, the ACCC said it won’t grant the country’s three biggest banks interim approval to collectively negotiate with Apple to install their own electronic payments applications on iPhones. The regular is expected to make a final ruling by October.