Australian regulator proposes to deny banks collective bargaining authorization on Apple Pay negotiation

|About: Apple Inc. (AAPL)|By:, SA News Editor

The Australian Competition and Consumer Commission formally moves to deny authorization to the Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank, and Bendigo and Adelaide Bank.

The banks are looking to negotiate access to Near-Field Communication [NFC] controllers in iPhones in order to provide their own digital wallets independent of, and in direct competition to, Apple Pay. Bargaining on terms of fees Apple levies for use of the service is additionally sought.

Initially brought forth in July, a final determination on the matter is expected March 2017.

As Apple (AAPL -0.7%) looks to expand Apple Pay throughout the world, such conflict wth long-established banking operations appears inevitable and indicative of a given cost of doing business in the space.