“Apple Inc on Friday won a victory in its global fight to prevent banks from introducing their own mobile payment services on Apple devices, as an Australian regulator barred lenders from bargaining collectively for access,” Jamie Freed reports for Reuters.

“The decision by Australia’s competition watchdog, the first of its kind, will stop the banks from introducing their own mobile applications on iPhones and Apple Watches that could be used for contactless payments instead of the Apple Wallet,” Freed reports. “The banks had hoped to circumvent transaction fees and get customers to engage more frequently with their own apps, potentially unlocking more of Australia’s contactless payment market valued at an estimated $84 billion a year. ‘It will have global implications,’ Australian Competition and Consumer Commission Chairman (ACCC) Rod Sims told Reuters after the ruling came down.”

“Apple does not allow any of its 3,500 bank partners in 15 global markets access to the near-field communication (NFC) technology behind its payment system,” Freed reports. “An Apple spokeswoman said it was a great decision for Australians who wanted the ‘easiest, most secure and private payment experience possible with Apple Pay.'”

Read more in the full article here.

MacDailyNews Take: Victory!

As we wrote last November:

Dear Aussie banks: No, you cannot have access to iPhone’s NFC chip. Protecting iOS users’ security is of paramount importance.

No other banks the world over get direct access to iPhone’s NFC chip in order to support Apple Pay. And none ever will.

SEE ALSO:
Australian Banks tell Apple: It’s not about your Apple Pay Fees, it’s about access to NFC – February 13, 2017
Apple Pay boss says Aussie customers willing to dump banks who fail to support Apple Pay – February 10, 2017
Apple steps up battle with Australian banks over Apple Pay boycott motive – February 6, 2017
ACCC proposes to deny authorisation for banks to collectively bargain with and boycott Apple on Apple Pay – November 29, 2016
Australian banks dismiss Android NFC past in Apple Pay negotiations – November 14, 2016
Australian banks accuse Apple of anti-competitive behavior, want access to iPhone’s NFC chip to take on Apple Pay – July 28, 2016
ANZ welcomes Apple Pay in Australia with a funny new TV ad – May 5, 2016
Apple expands Apple Pay in Australia with ANZ bank deal – April 28, 2016
Aussie consumers lose as banks effectively boycott Apple Pay – November 27, 2015
Australian banks accuse Apple of anti-competitive behavior, want access to iPhone’s NFC chip to take on Apple Pay – July 28, 2016
ANZ welcomes Apple Pay in Australia with a funny new TV ad – May 5, 2016
Apple expands Apple Pay in Australia with ANZ bank deal – April 28, 2016

[Thanks to MacDailyNews Readers “Fred Mertz” and “Al” for the heads up.]