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.
Westpac’s Peter King described Apple’s digital wallet has being “pretty closed” to competition. Apple prevents bank apps making tap and go payments unless they are routed through Apple Pay and charges banks for payments using bank cards stored in iPhones.
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Jonathan Shapiro writes about banking and finance, specialising in hedge funds, corporate debt, private equity and investment banking. He is based in Sydney. Connect with Jonathan on Twitter. Email Jonathan at jonathan.shapiro@afr.com
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
