Australian Banks Denied Permission To Collectively Negotiate With Apple

Last month, the major Australian banks – NAB, Commonwealth, and Westpac – seeked permission from the antitrust regulator to collectively negotiate with Apple over Apple Pay, presumably in hopes that together, they will be able to negotiate for better rates than what Apple is offering right now.

However according to a report from Reuters, that won’t be happening yet. Australia’s antitrust regulator has denied the banks interim permission to negotiate as a collective. According to the Australian Competition and Consumer Commission’s (ACCC) chairman Rod Sims, “The ACCC has considered interim authorization within a short time frame at the request of the applicants.”

He adds, “However, given the complexity of the issues and the limited time available, the ACCC has decided not to grant interim authorization at this time. The ACCC requires more time to consult and consider the views of industry, consumers, and other interested parties.” This isn’t over as the formal hearing will be taking place in October where the banks can present their case.

Apple had previously stated that the banks were trying to act as a cartel through this collective negotiation, and that they only wanted to maintain control over their customers. In the meantime at least one of Australia’s major banks, ANZ, has not had any issue and has since signed a deal with Apple.

Tyler Lee
Categories: Apple
Tags: Apple Pay