Apple sends warning to banks with Australian mobile payments decision

The banks had hoped to circumvent transaction fees and get customers to engage more frequently with their own apps.

SYDNEY: Apple Inc won a victory in its global fight to prevent banks from introducing their own mobile payment services on Apple devices, as an Australian regulator barred lenders from bargaining collectively for access.

The decision by Australia's competition watchdog, the first of its kind, will stop the banks from introducing their own mobile applications on iPhones and Apple Watches that could be used for contactless payments instead of the Apple Wallet.