For over a year, Australia's largest banks have been engaged in a quiet war with Apple. Their goal is to force the world's largest technology company to open access to the iPhone's NFC chip and allow collective bargaining over Apple Pay. Apple is fighting back, of course, and the next few weeks and months will determine the future of mobile payments in Australia.
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Commonwealth Bank, Westpac, NAB and Bendigo and Adelaide Bank have suffered a minor setback in their journey to jointly negotiate with Apple to bargain down the mobile giant's payment fees -- or collectively boycott the service if they don't get the result they want -- with ACCC withholding an interim authorisation for the coalition to go ahead with the process.