Commonwealth Bank boss says Apple's digital wallet is anticompetitive

The head of Australia’s biggest bank says tech giant Apple’s ApplePay system is anticompetitive.

Commonwealth Bank CEO Matt Comyn told a joint parliamentary committee Apple had 80 per cent of the digital wallet market share and locks out other banks and competitors.

Apple restricts access to the NFC chips in its mobile phones, allowing them to block competition.

“The thought that a single provider could have 80 per cent market share in an individual market is usually cause for concern,” Mr Comyn said.

“It means there can be no competing wallets on the iOS operating system.”

The Commonwealth Bank believes digital wallets and paying by holding a phone up to a card reader will be the main form of payment by the end of the year.

[griffin]

I'm still paying cash whenever I can.

[kreshokresimir]

Let''s also discuss Visa and mastercard.

[anthonyc]

How hypocritical for a bank just suddenly start crying poor because they are getting their asses whipped

[blueplanethand]

Funny how they start attacking ApplePay after they made plans to start accepting Bitcoin and 7 other cryptocurrencies..
They're losing control of their financial system 😄

[johnnytsunami]

In the movie 'I Am Legend" the vaccines turned people into zombies

[Billydevito]

Large companies ‘self preferencing” their platforms and technology?
No!
Say it isn’t so !!

[fuhfrtgfh]

People have been saying this for years

[pmpm]

Ummm, cash? No mention nor plans for that.

[samiam]

It's not anticompetitive....ITS BROKE!!!

[robertheckenberg]

A bank crying a bout a monopoly that's funny.

[julianpetkov]

I am not a big fan of Google, but it is good to have a choice.

[jacobburton]

Just like Cloverfield health care lobby dont want them taking marketshare can't stop evolution

[megasquirrel]

Weakening Australia’s banks weakens Australia.

[juanfepenarivera]

believing in Jesuchrist you have the salvation and eternal life read in the holy bible Romans 10 : 9 and 10, st Jhon 3 : 16 ...
believe in the place where you are . blessings

[serendipityme]

Deflection!
Why don't you tell people what CONbank is working on behind the scenes?
Trip to Amazon anyone?