A formal complaint has been made by Apple to the Australian Competition and Consumer commission, pertaining to the Australian financial institution’s resistance in the form of a response. As per what has been stated by Apple, a monopolistic cartel has been formed by three of the country’s largest banks and terms are presently being dictated by them about the new business model payments for services like Apple Pay.

The request that the banks had made was rejected by them as they wanted to have the ability to come up with an alternate payment system that is contactless and also the NFC radio access. As per Apple, if this happens, then the platform’s security measures will be compromised. It is said that the standards that is mandate by the company is very high when the Apple system is used to make payments.

For some time now, there have been negotiations that have been going on in Australia for the introduction of the Apple Pay features; this is being done the same way that it was introduced in the United Kingdom and United States. The biggest challenge that is being faced right now is the fact that the terms which are being set by Apple is not being accepted by the players. As per what they have to say, the claim is that by going ahead with the deal, they would have to forfeit a lot of money in the form of the interchange fees.

Another factor that has been put forth is the fact that in comparison to the normal cards, the Apple Pay feature would be very expensive for the regular customs, for this, Apple went ahead and made the use of Apple Pay service free for the customers in all the existing regions. Even Apple Watch and iPhone users now can use the Apple Pay service as it has been enabled by the company.