Source: www.techeye.net --- Friday, March 31, 2017
Apple has managed to stop banks from banding together to negotiate a better deal for Apple Pay, at least in Australia. The banks did not want to agree to Apple’s outrageous transaction fees for its mobile banking service and instead wanted to band together to force Apple to agree to something cheaper create something that would not cost them so much. Apple, of course said no, and complained to the regulator that the banks were ganging up on it. Australia’s competition watchdog agreed and said that the banks could not work together to introducing their own mobile applications on iPhones and Apple Watches that could be used for contactless payments instead of the Apple Wallet. Australian Competition and Consumer Commission Chairman (ACCC) Rod Sims said: “If others need to think it through … we’ve at least got something out there which they can kick off from.” If the four Aussie banks won two-thirds of the nation’s credit card market, would have given them more negotiating power, and could have sparked similar appeals to regulators for access to Apple’s systems in other jurisdictions around the world. This would have given Apple a huge headache as it has been running a divide and conquer system all over the world forcing each bank to negotiate for access to Apple gear individually. If it had to deal with the Aussie banks as a group they could have simply told it to go forth and multiply. But the Australian watch dog was concerned ...
from Australia http://ift.tt/2nmbeOX
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