“The global head of Apple Pay has put three of Australia’s big banks on notice that the technology giant’s global payments system will steal their customers and they risk being left behind in the development of digital wallets,” James Eyers reports for The Australian Financial Review. “”

“Jennifer Bailey said in an exclusive interview that Apple is so confident of the supremacy of its payments system that ‘customers will say they are happy to switch banks to use it,'” Eyers reports. “With ANZ Banking Group the only big four bank to allow its customers to use Apple Pay, The Australian Financial Review can reveal that Macquarie Bank and ING Direct will turn on the service by the end of February. They join 44 other small banks who have all agreed to use the system, pay Apple a fee and to not pass that on to their customers.”

“Ms Bailey accused the banks holding out on joining Apple Pay – Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and Bendigo and Adelaide Bank, who control two-thirds of Australian cardholders – of paying lip service to acting in the best interests of their customer,” Eyers reports. “And their application to the Australian Competition and Consumer Commission for permission to collectively negotiate to boost their bargaining power to take on Apple shows a naivety about how the platform works and Apple’s desire to work collaboratively with banks… Australians are using Apple Pay more frequently each month than any customers in other countries, Ms Bailey said.”

Much more in the full article here.

MacDailyNews Take: Banks should not have direct access to iPhone’s NFC chip. Protecting iOS users’ security is of paramount importance.

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