Australia’s antitrust regulator said it would not grant the country’s three biggest banks interim approval to collectively negotiate with Apple Inc to install their own electronic payments applications on iPhones.
Australia’s three biggest banks, including the number one lender National Australia Bank, asked permission to negotiate as a bloc from the Australian Competition and Consumer Commission (ACCC).
ACCC Chairman Rod Sims reckoned that the watchdog had not been given enough time to think about the move. It wants more time to consult and consider the views of industry, consumers, and other interested parties.
Part of the problem is that Jobs’ Mob does not allow third-party electronic payment apps to be loaded onto the iPhone. The banks are worried that they could be accused of violating anti-competition law.
Australia and New Zealand Bank, which signed a deal to use the Apple Pay system in April, is the only one of the country’s ‘Big Four’ banks not to join the action. The country’s second-biggest lender, Commonwealth Bank of Australia, and number three, Westpac Banking Corp, have joined with NAB.