We recently heard that the Australian banks had accused Apple of restricting mobile payment apps on the iPhone to their own Apple Pay.
Apple has not fired back and the banks and has basically said that the banks do not understand Apple’s technology and how it works.
Apple upholds very high security standards for our customers when they use Apple devices to make payments. Providing simple access to the NFC antenna by banking applications would fundamentally diminish the high level of security Apple aims to have on our devices.
Unfortunately, and based on their limited understanding of the offering, the [banks] perceive Apple Pay as a competitive threat. These banks want to maintain complete control over their customers. The present application is only the latest tactic employed by these competing banks to blunt Apple’s entry into the Australian market.
Apple has said that the Australian banks have even refused to enter into a confidentially agreement even before any discussions between Apple and the banks. So basically the banks would have received inside information about Apple Pay and how it works, but would not have been bound by any confidentiality agreement.
Source MacRumors
Filed Under: Apple