Apple has argued that allowing banks to use iPhone NFC chips independently of Apple Pay would compromise the phones’ security. The argument has been aired in Apple’s response to the four Australia Banks who have requested permission to negotiate with Apple as a bloc rather than join Apple Pay. The banks want their own apps to be able to use iPhones’ wireless payment parts and to get a slice of the cut Apple takes on each Apple Pay transaction, and asked regulator the Australian Competition and Consumer Commission (ACCC) if they could negotiate as a bloc.
Original Source: The Register
View the full story here.
