Tensions between the banks and Apple are bubbling up to the surface as the government prepares to give the RBA powers over digital wallets.
digital wallets could displace plastic debit and credit cards within a decade, and to prove it wasn’t just young people using these devices, he revealed he’d even paid for some knee surgery on his smartphone.
Tech giants, including Apple, aren’t too happy about these reforms to payment regulation aimed at reducing their influence, but the government should push ahead with its plan regardless. Not to protect the banks, but rather to support competitive pressure on the cost of digital payments – which we’re using more and more., when CBA, NAB and Westpac tried to launch a collective boycott of Apple Pay, its digital wallet, over access to a chip on the iPhone handset that facilitates payments.
Google, which operates Google Pay, made similar arguments in a submission earlier this year, which said: “Google is not a payment provider.” Apple’s practice of charging a small but secret fee every time someone uses Apple Pay clearly inflates the total cost of processing those payments. Google, in contrast, does not charge fees for payments.
Philippines Latest News, Philippines Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'Worst is over' says RBA boss - but joblessness will risePhilip Lowe says he's received letters thanking him for increasing the cash rate. The outgoing Reserve Bank of Australia Governor also said 'the worst is over' of the inflation and interest rates crisis during a parliament grilling today. AusPol 9News
Read more »
Why this man put money in a blenderBanknotes from every country in the world have been shredded to make people think about freedom.
Read more »
Why getting paid to fight off a zombie apocalypse is good for your bossGo-karting, axe throwing, escape rooms and zombie shooting are taking corporate team-building exercises to the next level, and they are more popular than ever.
Read more »
Why there’s a growing push for the ‘right to disconnect’In today’s “always-on” culture the ability to carve out time away from work is shaping up as another front in the post-pandemic fight over how, and where, we do our jobs.
Read more »
Hard Solo: Why are people concerned about a new alcoholic soft drink?Does this alcoholic version of Solo appeal to underage drinkers? Critics think so, but the company behind the beverage “strongly refutes” the claims. Read more:
Read more »
Why fixing PwC gets more difficult with each passing weekAt a long-delayed webinar this week, new chief Kevin Burrowes was crystal clear about the cost of the tax scandal to the beleaguered consulting firm.
Read more »