Australian Banks Denied Request to Negotiate Over Apple Pay

GOOD.

I'm from Australia, and I can tell you this; our banks are more-often-than-not completely useless. Not many people know that when Apple Pay was announced, and subsequently Android Pay, all of our banks' PR teams seemed to confirm over Facebook and Twitter that their "own mobile wallet solution is in the works."

This understandably made most of the country angry, and a staggeringly vast amount of hatred was directed at each of them on various social media outlets and (I'm assuming) in snail mail. Commonwealth Bank (known colloquially as "Commbank") happens to be one of the worst offenders, having MANDATED customers' iPhones have an NFC compatible sticker on the back, which gets touched to the reader when you wish to make a payment. Of course to use this feature you need to have their app open, which is terribly written, glitches frequently and at least for me, forgets that one of my accounts exists at least once a fortnight. The same goes for Android phones except you can use the chip, but all payments MUST be processed through the app.

I was utterly blown away by ANZ's decision to adopt Apple Pay (and more recently Android Pay). The day it was announced, I swear you could've stuck your head out a window and heard the sound of nerds everywhere signing up for ANZ accounts. It was a beautiful day. Since then, customers of other banks have been getting increasingly bitter over the continued absence of Apple and Android Pay. Both services are wanted by customers in Australia, yet the fat cats running the banks are too busy lining their own pockets--not a joke, our bank CEOs take a stupidly large salary--to even for a nanosecond consider the wants and needs of the people. It's been like this for years. It's any wonder really why they're fighting this; they don't want to lose a cent of that fee revenue.

As an Australian, I applaud the ACCC's initial decision. But sadly they can be bullied into submission, and are quite frequently. The banks as good as said they'd keep fighting it until they win, but from experience we know Apple won't fold.

All that said, ANZ's membership has been apparently increasing exponentially. It's sad that the rest of the banks are gonna let this happen, and not capitalise on the monumental opportunity of adopting Apple and Android Pay.

I hate the Australian banks, but its hilarious, Apple is just as greedy as the banks are in this case.

I hate the Australian banks, but its hilarious, Apple is just as greedy as the banks are in this case.

How is "greedy"?

Apple offer a bullet-proof service deeply rooted in the hardware they sell, can Aussie banks claim a similar degree of security and ease of use?

"These banks want to maintain complete control over their customers"

This statement makes me laugh both are as bad as each other.

The headline ("Australian Banks Denied Request to Negotiate Over Apple Pay") is misleading or even inaccurate. All the ACCC did was deny the three Australian banks' request for a quick decision. But the ACCC didn't make any decision except a decision on how quickly they'd decide. An accurate headline would be "Delayed Decision on Australian Banks' Apple Pay Complaint."

I read the headline and thought, "Well, that was remarkably fast." No, it really wasn't. The only news is that there is no fast news.

The banks are short sided. Any fee they pay is minimal compared to how much they will make by promoting Apple users to use their credit card via Apple Pay. They get a fee from the retailers anyway so what's the big brouhaha?

Apple is just as bad denying use of the NFC through the bank's apps. This situation only exists because the banks want to keep their money and and Apple wants to make more.

I really doubt people are going to spend more just because they have Apple pay.

"These banks want to maintain complete control over their customers.

Just as Apple wants to maintain control of its customers and subsequently its Apple Pay service.

An incredibly misleading headline, especially since it's obvious from all the responses that many people did not go on to read the actual article.

The request was not denied.

An interim grant was not given. Actual decision due in a few months.

We expect to release a draft decision in October 2016.

The ACCC's decision not to grant interim authorization at this time is not indicative of whether or not a draft or final authorization will be granted.

They should pay a fee to use a chip? Thats crazy.

Apple want to profit off of people using banking systems that the big banks developed, that they had nothing to do with and don't have to maintain. See it works both ways.
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And if Apple allowed access to the NFC chip, I'd be able to pay with my phone no problem with connivence. Apple just wants to profit off of it, in the same way that the banks want not to pay Apple.

It's more than "just a chip."

Apple paid to develop this software and security that goes with it. Should they be forced to give access to their proprietary hardware/software? If the banks are being so unfairly treated by apple... They are free to go develop their own mobile device and payment options. No one is forced to use AP or Support AP.

Frustrating. Apple want users to have Apple Pay. Are competitors making this much fuss about their mobile wallets in Australia? No, but if the banks do open up and allow NFC based payment systems, Apple competitors can step in without much effort and say "Apple Pay isn't special, you can use (inset name here) as well!"

I'm with the commonwealth bank, and if your Android phone has NFC, you can pay with your phone. Apple doesn't allow that unfortunately, banks have to sign up to Apple Pay and pay a percentage of each transaction or whatever it is. Apple doesn't want to allow NFC access as that means the banks don't pay the money for apple pay, and the banks don't want to use Apple pay as it means paying money to Apple. Both Apple and the Banks are to blame.