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Apple VP Tells Australian Financial Paper that Aussies are Trail Blazers when it comes to using Apple Pay

1af X99 cover Jennifer Bailey Apple Pay


We started the week with a report titled "Apple tells Australian Commission that their Bank's acting as a Cartel has a Chilling Effect on the Benefits of Competition." While three of Australia's biggest banks are hoping that the final decision from the Australian Competition and Consumer Commission will fall in their favor, Apple let it be known today that they're going to be left behind in the development of digital wallets and lose customers if they don't deal with them. On a more possitive note, Apple Pay VP Jenniffer Bailey said today in an interview that "Australians are using Apple Pay more frequently each month than any customers in other countries, which is in large part due to Australia being a recognized global leader in contactless payments and usage."


Apple's VP went on to say that Apple is so confident of the supremacy of its payments system that "customers will say they are happy to switch banks to use it."


To date ANZ Banking Group has been the only major bank allowing their customers to use Apple Pay. They even went out of their way to make a funny commercial to show how the issue was completely overblown by the other banks.



But that's about to change by month's end. According to the The Australian Financial Review Macquarie Bank and ING Direct will turn on the Apple Pay service for their customers by the end of February.


Ms Bailey accused the banks holding out on joining Apple Pay – Commonwealth Bank of Australia, National Australia Bank, Westpac Banking Corp and Bendigo and Adelaide Bank, who control two-thirds of Australian cardholders – of paying lip service to acting in the best interests of their customers. And their application to the Australian Competition and Consumer Commission for permission to collectively negotiate to boost their bargaining power to take on Apple shows a naivety about how the platform works and Apple's desire to work collaboratively with banks.


"While initially, in many markets, there have been banks that have initially been wary about working with a company as large as Apple, once they begin to work with us and understand the Apple Pay platform, they see the benefits of it. That hasn't fully happened with the ACCC applicants, because the conversation is happening through the ACCC process, compared to what normally happens, which is we have the conversation bilaterally."


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