Authorities in the US allege the tech giant has locked the iPhone to build a monopoly. In Australia, banks say its digital wallet prevents competition.
Already a subscriber?The chief executives of National Australia Bank and Westpac have backed their rival, Commonwealth Bank’s Matt Comyn, and his push to rein in Apple’s growing dominance in digital payments, calling for local regulators to take stronger action against the tech giant as global counterparts have.
The Reserve Bank’s Ellis Connolly said mobile payments was an emerging area of focus for the central bank.“If it looks and feels like a payment, it’s payment. And if it looks and feels like credit, its credit,” he told The Australian Financial Review Banking Summit. “I’ve never understood what is so difficult. About 80 per cent of payments on your phone go through Apple, and they’re completely controlling an industry. This is acceptable – lets all play by the same rules.
“The sort of sanctimonious drivel in that letter is laid bare in the 80 pages from the , where it goes into a pattern of conduct that sort of thwarts innovation, degrades customer experience, breaches customers security and privacy, and harvests their data,” he said. Mr Comyn said suggested the government could levy new taxes on big tech companies transferring profits out of Australia to offshore subsidiaries, modelled on the bank levy imposed on the major banks.
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