Global tech giant Apple has ratcheted up its war with Australia’s major banks over access to its payment systems, singling out the Commonwealth Bank for spearheading a ‘self-serving’ push to stifle competition.
In a submission to a parliamentary inquiry into digital wallets, viewed by Capital Brief, Apple argues the major banks’ push to force it to open up its near-field communication (NFC) chip was being driven by the lenders’ desire to entrench their market dominance.
“There have been some calls from some of the large banks in Australia to introduce further regulations targeted at digital wallets and payment technology providers. Many of the arguments being advanced by these banks appear self-serving and designed to maintain their dominance of the Australian financial services sectors,” Apple said in its submission.
“Critically, the largest banks in Australia have significant structural advantages (including scale, data, infrastructure, and switching barriers), and it is important to ensure that incumbent players are not allowed to use regulatory complexity as a competitive moat.”