Australian banks lose fight to gain access to NFC functionality in Apple iPhones

The group of Australian banks seeking stronger negotiating powers with Apple over the NFC technology within its iPhone handsets have been denied access to it by the Australian Competition and Consumer Commission (ACCC) on the grounds that the proposed conduct would “reduce or distort competition in a number of markets” and that the benefits are “outweighed by the detriments”. Commonwealth Bank of Australia, Westpac Bank, National Australia Bank and Bendigo and Adelaide Bank began their campaign to encourage Apple to open access to the NFC technology within its handsets in July 2016. The banks say they are “disappointed” with the ACCC’s ruling and will now “individually review and determine their future strategy for mobile wallets and mobile payments in order to best serve their customers”.