The competition in Australia’s contactless payment industry is heating up as Apple Pay sets up in Australia. However some banks claim the company is making the system less competitive.
RBA has no comparative advantage or good reason to regulate the Payments System. Australia already has a specialist agency to regulate industry – the ACCC.
Today’s launch of the Apple Pay mobile payments service has the potential to eliminate the need for us to carry payment cards in our purses or wallets - but as always converting potential to reality is…