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ACCC won’t allow big banks to collectively negotiate about ApplePay

The Australian Competition and Consumer Commission (ACCC) has refused to give interim authorisation to Australia’s big banks to negotiate over ApplePay. In July, the Commonwealth Bank, Westpac, National Australia Bank, along with Bendigo and Adelaide Bank, had sought permission to create a cartel.

But Apple says the banks have “limited understanding” of ApplePay and see it “as a threat” to their own payment systems.

Story features:

– Aimee Chanthadavong, Journalist at ZDnet

– Dr. Rob Nicholls, Lecturer in the University of NSW Business School and a visiting fellow in the Centre for Law, Markets and Regulation.

Image: ‘Apple Pay’ by TheTruthAbout on Flickr

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