Apple Pay Goes With Status Quo
iPhone maker Apple says there is plenty of competition where mobile payments are concerned and that its Apple Pay service is an example of the “dynamic competition and innovation that characterises the payments market” in Australia.
Apple made the assertion in a submission to the Parliamentary Joint Committee on Corporations and Financial Services, saying it doesn’t believe there is a need for changes be made to Australia’s existing financial services regulatory framework.
“Apple believes that Australia’s existing regulatory framework is encouraging and fostering innovative developments that offer competition to incumbent banks,” the company said.
It maintained that its only role has been to develop the technical architecture that can be used by licensed financial institutions to offer their consumers a “safer and more secure way to pay with their credit, debit, or prepaid cards”.
“Apple does not issue credit, debit or prepaid cards, and does not process, authorise or execute transactions. Rather, Apple has partnered with banks and other financial institutions to enable them to securely store payment credentials on Apple devices.”
However, according to ZDnet, Apple does, in fact, have its Apple Card, a gizmo created by Apple and issued by Goldman Sachs, as well as iTunes gift cards, which the ACCC has said have been used in almost 430 reported scams for a value of A$853,000.