ANZ has already struck a deal with Apple for its contactless payment system but now four other banks are arguing the company is making competition difficult.
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.
The Reserve Bank regulates interchange fees - the credit card fees paid by merchants - but why?
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RBA has no comparative advantage or good reason to regulate the Payments System. Australia already has a specialist agency to regulate industry – the ACCC.
Apple Pay could help make contactless payments mainstream.
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…