banks take on Apple over digital wallets – The Australian Financial Review

Banks also want to talk to Apple about fraud protection, after fraud spiked in the United States when Apple Pay was launched after thieves began targeting the “on-boarding” of cards onto the phones.

Banks want a set of common security standards enacted for setting up digital wallets.

Novantas senior adviser Lance Blockley, who is working on behalf of the banks, said the ACCC application was about providing Australians with real choice and better outcomes.

“If successful, the application would have tremendous benefits for the entire Australian mobile payments landscape, including for public transport fares, airlines, ticketing, store loyalty and rewards programs and many more applications yet to be developed,” Mr Blockley said.

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