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Australian Banks File Anti-trust Application Against Apple

Avatar newsbtc 4 years ago

Many people think the bigger banks are only opposing Bitcoin and cryptocurrency, but that is not entirely correct. Over in Australia, the banks are opposing Apple Pay as well. A new collaboration between the country’s three biggest banks will shake up things by quite a margin. If their approval is granted, the institutions will negotiate with Apple to install their own mobile payment solutions on iPhones.

It is no secret the Australian banks will do everything they can to oppose Apple Pay. In fact, the majority of institutions have developed their own solutions, and none of the ”big three” is planning to support Apple Pay anytime soon. In fact, three of those four largest banks are teaming up to have their own apps installed on Apple devices moving forward.

Australian Banks Take The Fight To Apple

Interestingly enough, Apple doesn’t allow third-party electronic payment apps on their smartphone devices. The three big Australian banks lodged a joint application with antitrust regulators to change this scenario. Whether or not they will succeed in doing so, however, is a different matter altogether. Interestingly enough, Apple does allow the usage of Bitcoin wallets, which is an electronic payment app as well.

It is possible Apple will grasp this opportunity with both hands, though. For all of the applications, it does allow on smartphones and tablets, payments are a lucrative business. The company receives revenue for facilitating these transactions, and they could stand to gain a lot from allowing this change.

Apple has always been the odd one out in the mobile ecosystem when it comes to third-party payment apps. All Android devices permit the installation of additional tools, regardless of proprietary payment solutions which are built-in.

Moreover, it is evident these Australian banks have no intention of supporting Apple Pay whatsoever and collaborating in this regard seems the best possible outcome for all parties involved.

That being said, Australia and New Zealand Bank is the only institution to sign a deal to use Apple Pay. This is quite interesting, but not good news for the technology giant. Even though the payment solution has been rolled out in six countries so far, Apple Pay is not gaining any significant traction.

While all of this is taking place, the Bitcoin ecosystem continues to grow and thrive. Not being held back by agreements and banks is a wonderful experience for every cryptocurrency enthusiasts. Even though bitcoin adoption is not as widespread as it could be yet, things are looking much better for Bitcoin than Apple Pay right now.

Source: Reuters

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