Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.

Apple retains control of contactless payment technology

Apple has won a major regulatory battle in Australia that will likely see it retain control of its contactless payment technology.

Four banks had wanted to negotiate with Apple to gain access to its payments technology for their own apps, avoiding having to pay fees to Apple.

But the country’s competition watchdog has now barred them from collectively bargaining with Apple.

The decision is the first of its kind and could set a global precedent.

In its final ruling on the case on Friday, the Australian Competition and Consumer Commission (ACCC) said that the collective threat to boycott Apple was “likely to reduce or distort competition”.

Important:

This article is for information purposes only.

Please remember that financial investments may rise or fall and past performance does not guarantee future performance in respect of income or capital growth; you may not get back the amount you invested.

There is no obligation to purchase anything but, if you decide to do so, you are strongly advised to consult a professional adviser before making any investment decisions.