Fintech Australia Opens New Front in Apple Pay War

Richard Gluyas from The Australian has been covering the battle between Apple and Australian banks over their grumpiness with Apple around the tech giant’s determined lockout of third party digital-wallet providers.

Last month Gluyas wrote “…Apple attacked the Australian banks for seeking clearance from the Australian Competition and Consumer Commission to collectively negotiate with Apple over an access arrangement.The company said that opening its platform to all-comers would compromise the iPhone’s security, curb innovation and stymie its entry into the payments market.”

At the time Danielle Szetho, FinTech Australia CEO, declined to comment in detail. She stated “In principle Fintech Australia supports open infrastructure and that position extends to the closed infrastructure of the banking industry as well. The reason is that open infrastructure creates wider economic benefits, so if Apple sticks with this line it will ultimately be to their detriment”.

Early this month Danielle spoke to Richard and put forward FinTech Australia’s position.

Gluyas wrote: “Fintech Australia is taking a different approach, and it’s the right one.
It wants to use the Apple versus everyone battle as a prod to achieve wider, underlying reform, arguing that a negotiation over pricing will not resolve the fundamental issue of access to the iPhone infrastructure known as Near Field Communications.”

In our recent submission to ACCC FinTech Australia stated: “Consumers should have the right to access their money, and instruct institutions to transfer that money, using the device or mechanism of their choice, to the third party of their choice. Equally, consumers should also have the right to access their data, and instruct institutions to share their data, with the third party of their choice.”

We believe open access is a policy no-brainer.

Click here to read the full article featured in The Australian.