Australian banks lose regulator appeal over Apple Pay

Australia’s antitrust regulator has ruled against the country’s banks, which were seeking to make Apple open up its iPhones to other mobile wallets.

The banks were hoping to offer their own digital payments apps on iOS devices and gain direct access to NFC technology on Apple devices.

The Australian Competition and Consumer Commission (ACCC) denied Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank, and several smaller banks permission to bargain together with Apple. The banks also wanted Apple to remove its requirement that fees it charges banks are not passed onto consumers.

ACCC Chairman Rod Sims said the decision was “finely balanced”.

The ACCC is not currently satisfied that the likely benefits from the proposed conduct outweigh the likely detriments,” he said in a statement.

Read more on Card Not Present.