In submissions to Treasury, the tech giant said its platform was nothing more than a digital reproduction of a physical wallet.
The company says its digital wallets allow smaller financial firms to competeApple says the federal government’s plan to regulate its payment services is a dangerous overreach and is being driven by the self-interested misrepresentations by major banks about how the iPhones work.
Apple – which charges the banks a fee when users pay through their smartphone – described its digital wallet as being nothing more than “a digital reproduction of a physical wallet, and no more a payment system or participant than an actual physical wallet would be”.The company said Apple Pay had been specifically designed to be pro-competitive by allowing smaller banks and fintechs more access, and customers the choice of what card they wished to use.
– would potentially allow the central bank to intervene in how Apple manages access to its digital wallet. Treasury explicitly includes providers of digital wallets as “participants” in the payment systems. But Apple submits that there has been “no demonstrated case” for any intervention.Its submission is the latest foray in an acrimonious, multi-year spat between the world’s largest company and Australia’s largest bank.
But Apple says it does not provide financial services in Australia, although it does in the United States, meaning regulation would be unwarranted. “Apple does not issue debit, credit or prepaid cards in Australia, nor does Apple acquire, process, authorise or execute transactions,” it said.
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