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Australian banks denied interim decision over Apple Pay dispute, ruling expected in October

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<p>The Australian banks have been denied permission to act as a monopolistic cartel in the country, preventing them from negotiating collectively with Apple over Apple Pay terms for the time being as reported by Reuters (http://www.reuters.com/article/us-australia-banks-apple-idUSKCN10U04D). Australian banks are resisting adoption of Apple’s mobile payment solution (available in iPhone 6 (http://amzn.to/2bGQno8) and iPhone 6s (http://amzn.to/2bsbcmR)), referring to hefty fees and loss of customer control.</p>
<p>Apple says that the banks are being anti-competitive by blocking the introduction of innovative payment technologies like Apple Pay. The banks want to force Apple to open up the NFC chip to third-party developers, which Apple says would cripple the security standards of its platform (https://9to5mac.com/2016/08/10/apple-says-opening-up-iphone-nfc-would-fundamentally-diminish-security-as-australian-banks-resist-apple-pay/).</p>
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