Australia’s Labour MP Ed Husic accused the country’s four major banks of engaging in anti-competitive behaviour and “boycotting” Apple Pay, the Sydney Morning Herald reported.
Apple Pay launched in Australia earlier this month, but without the support of the country’s four big financial institutions. The payment service is only supported by cards issued by American Express, which account for just 20 per cent of credit cards.
In a letter to the Reserve Bank of Australia and the Australian Bankers’ Association, he wrote that the banks’ decision “denies consumer access to a secure, efficient payment platform”.
The newspaper reported that Commonwealth Bank’s CEO said Australia didn’t need technology such as Apple Pay because the banks are developing their own mobile payment apps.
Australia has widespread support for ‘tap and pay’ payments, unlike the US where few retailers have it and consumers are more comfortable paying by credit card.
Apple Pay launched two weeks ago in Australia and Canada, the third and fourth markets after the US and UK to debut the payment service since it was first unveiled a year ago. In Canada it is also limited to American Express cardholders.