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Access to the NFC Chip Used for Apple Pay is Now Being Demanded by Australian Banks - iOS World
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Access to the NFC Chip Used for Apple Pay is Now Being Demanded by Australian Banks

The three biggest Australian Banks have been making claims about the antitrust laws being breached by Apple due to the fact that the third part apps for mobile payments are not allowed by Apple to use the NFC chip that is needed and used by the Apple Pay feature. We all know that the Apple Pay service is a contact less payment service which requires the person to register their debit or credit card of the bank which supports the Apple Pay facility. It was reported by Reuters, that the permission has been requested by the banks from the regulators so that jointly negotiations can take place with Apple.

Access to the NFC Chip Used for Apple Pay is Now Being Demanded by Australian Banks

The reason behind asking the permission is due to the fact that if they do go ahead and negotiate together without getting the clearance, then they can get into trouble as it could be considered as the antitrust laws have been breached by them.

The reason why there was a delay of the Apple Pay service launch in Australia was due to the fact that the fees which Apple charged were something that the banks were not happy about. At 0.15%, it is said that they are considered to be low of the transactional value. Only 1% is what is collected by banks out of which a cut has to be paid to Apple. As of now, in the country, ANX and Amex have signed up in the country for the Apple Pay service.

Even though the Apple Pay feature had been rolled out last year in the month of November in Australia, however the service is yet to take off and is presently going at a slow pace. The main reason behind the slow pickup is said to be the issues that are revolving between the banks and Apple in regards to the fees that are being charged.

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