Apple has requested the Albanian government to clarify when the Reserve Bank will be able to introduce new powers to regulate banks’ access to the tap-and-go mobile payment solution of the technology giant without having to go through the Apple digital wallet. Apple agreed to these concessions in Europe as part of an agreement on antitrust cases with the European Commission, which investigated banks’ access to the Apple Pay system, as reported by Reuters.
This case is related to Apple’s restriction of access to its near-field communication (NFC) technology, which allows iPhones to communicate with payment terminals. Currently, all contactless payments using iOS devices such as iPhones and Apple Watches are processed through Apple Pay. The European Union claims that Apple hinders the development of competitive mobile wallets by limiting third-party access.
The Australian Competition and Consumer Commission is investigating similar issues following concerns raised by major banks that the architecture of Apple’s payments system is “closed and controlling.”
The Australian government is consulting on new regulations that would expand the powers of the Reserve Bank of Australia (RBA) over Apple and other global payment platforms. Amendments to the Payment Systems Act of 1998 would enable the RBA to establish an “access regime” that regulates the rules governing banks’ use of iPhones for payments. This issue was a key concern in last year’s submission.
FAQ Section based on the main topics and information presented in the article:
1. Why did Apple approach the Albanian government for clarification?
Apple approached the Albanian government to seek clarification on when the Bank of Albania will be able to introduce new powers to regulate banks’ access to Apple’s tap-and-go mobile payment solution without having to go through the Apple digital wallet.
2. What is near-field communication (NFC) technology?
Near-field communication (NFC) technology allows devices such as iPhones and Apple Watches to communicate with payment terminals.
3. Why did the European Commission investigate banks’ access to the Apple Pay system?
The European Union claimed that Apple obstructed the development of competitive mobile wallets by limiting third-party access to its Apple Pay payment system.
4. Why is the Australian Competition and Consumer Commission investigating similar issues?
The Australian Competition and Consumer Commission is conducting an inquiry based on concerns raised by major banks, alleging that Apple’s payment architecture is “closed and controlling.”
5. What changes are proposed in Australian law?
The Australian government is consulting on new regulations that would expand the powers of the Reserve Bank of Australia (RBA) over Apple and other global payment platforms. These changes would allow the RBA to establish an “access regime” that regulates the rules governing banks’ use of iPhones for payments.
Currency:
European Union – EU Website
European Commission – European Commission Website
Australian Competition and Consumer Commission – Australian Competition and Consumer Commission
Bank of Albania – Bank of Albania
Reserve Bank of Australia – Reserve Bank of Australia
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