Aussie committee targets Apple over payment systems
- An Australian parliamentary committee has released a report recommending that regulators examine Apple over its electronic payment restrictions.
- The decision opens the door for Australian banks to potentially pursue collective bargaining or a collective boycott regarding digital payment access.
- The report outlines a broader national push to inject competition into the fintech sector by reviewing mobile payments and card market structures.
An Australian parliamentary committee has released a report containing 16 recommendations targeting Apple (NASDAQ:AAPL) over its payment network restrictions as digital wallets reach a 43% share of card transactions.
The enquiry developed amidst an ongoing systems review by the Reserve Bank of Australia into transaction fee structures, merchant surcharges, and mobile marketplace access.
The committee reported that the current limitations on third-party developers accessing near-field communication infrastructure demonstrate anti-competitive behaviour.
Australian financial institutions previously expressed concern over an inability to collectively negotiate the estimated 15 basis point fees required by the company to facilitate each transaction.
Following the announcement, the Apple share price was up at $283.89.
The regulatory recommendations also encouraged federal authorities to urgently establish a framework for the adoption of stablecoins as an alternative payments rail.
Treasury officials received further instructions to establish a clear timeline for transitioning to the national new payments platform as soon as practicable.
