A recent ban on charges for paying by credit or debit card could open the door to legal action for surplus fees paid in the past.
The banks could have used their collective bargaining power not only against Apple for Apple Pay but also stall the adoption of mobile payments in Australia.
Despite a rise in cashless payments and a drop in customers drawing out cash, bank tellers might still have a future.
RBA has no comparative advantage or good reason to regulate the Payments System. Australia already has a specialist agency to regulate industry – the ACCC.