Home / news / Australian Banks Want Access to the iPhone's NFC chip

Australian Banks Want Access to the iPhone's NFC chip

The three biggest in Australia have leveled accusations of a breach of antitrust laws against Apple. The want to the NFC chip utilized by Apple Pay for contactless payment, as they feel that restricting this functionality to a proprietary service stifles their ability to compete.

National Australia Bank, Commonwealth Bank of Australia, and Westpac Banking Corp have made a request to antitrust legislators to be able to negotiate with Apple collectively, according to a report from Reuters. The need to receive this permission to avoid being accused of violating anti-competition laws themselves.

Meanwhile, the Australia and New Zealand Bank is conspicuous by its absence from this action, as it’s the only one of the “big four” banking institutions in Australia that isn’t involved. Back in April, that bankng company signed up to use the Apple Pay system.

Related: Here are all the places that support Apple Pay, including six countries

Rather than co-opting Apple’s service, the three other banks want to use the iPhone’s NFC chip for their own contactless payment programs. Their argument is that third-party apps are allowed to make use of features like Wi-Fi and Bluetooth, and the NFC chip should fall under the same category.

For the time being, the three banks are simply looking for permission to negotiate with Apple as a group in an attempt to gain to the chip. However, if this attempt fails, it wouldn’t be too surprising to see them level legal action against the company in relation to the purported breach of antitrust law.

Lance Blockley is a senior adviser at financial consulting firm Novantas, and is acting as the spokesman for the three banks during this process. He claims that this is the first example of financial institutions challenging Apple on these restrictions, which could mean that the outcome of this situation sets a precedent for other regions.

Check Also

Kobo's New Aura H2O Can Survive a Dunk in the Pool

Why it matters to you If you’re in the market for an affordable, durable new …

Leave a Reply

Your email address will not be published. Required fields are marked *