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Politicians urged to tackle 'Monopoly-like' issue with i Phone payments
Smart summary
The government is facing renewed pressure to disrupt Apple's 'monopoly' on digital payments within i Phones, as a parliamentary inquiry into Australia's payment ecosystem is held on Tuesday and Wednesday. Digital paym...
The government is facing renewed pressure to disrupt Apple's 'monopoly' on digital payments within i Phones, as a parliamentary inquiry into Australia's payment ecosystem is held on Tuesday and Wednesday. Digital payment and mobile wallets are largely replacing cash and physical cards, with a report by the Australian Banking Association in July last year revealing that over four billion mobile wallet transactions were made in 2024, over 11 times the number of ATM cash withdrawals.
But banks and financial services have long been complaining they face more regulatory scrutiny than international technology companies such as Apple.
AppleCashDigitalMobilePayment
The government is facing renewed pressure to disrupt Apple's 'monopoly' on digital payments within i Phones, as a parliamentary inquiry into Australia's payment ecosystem is held on Tuesday and Wednesday. Digital payment and mobile wallets are largely replacing cash and physical cards, with a report by the Australian Banking Association in July last year revealing that over four billion mobile wallet transactions were made in 2024, over 11 times the number of ATM cash withdrawals.
But banks and financial services have long been complaining they face more regulatory scrutiny than international technology companies such as Apple.
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