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Lowe says RBA could use new payment powers to investigate Apple Pay

James Eyers
James EyersSenior Reporter
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Reserve Bank governor Philip Lowe says new powers over global technology companies providing payments through smartphones could be used to investigate whether restrictions Apple places on bank access to its digital wallet Apple Pay are anticompetitive.

The government this week committed to legislation to give the RBA broader powers to regulate technology platforms offering payment services.

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James Eyers writes on banking, payments and fintech. He is a former legal and investment banking editor at the AFR, has degrees in commerce and law from UNSW, and is co-author of Buy now, pay later: The extraordinary story of Afterpay Connect with James on Twitter. Email James at jeyers@afr.com.au

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    Original URL: https://www.afr.com/companies/financial-services/lowe-calls-on-global-tech-platforms-to-cut-payment-costs-for-retailers-20221214-p5c656