Apple draws battle lines in fight with CBA
The world’s largest tech company and the nation’s biggest bank are locked in a battle for Australian wallets.
The world’s largest tech company and the nation’s biggest bank are locked in a battle for Australian wallets – and it could change the way a $93 billion market functions.
Apple, $US2.8 trillion ($4.8 trillion) company behind the iPhone, has claimed the Commonwealth Bank is trying to quash competition as it fights to keep the nation’s regulators away from Apple Pay.
In its latest submission to a Treasury review of the payments system, Apple has disputed the big bank’s claims it is a major player in Australia's payment system, claiming it is a simple intermediary which doesn’t actually provide any financial services.
“Apple is neither an issuer nor an acquirer for existing regulated payments systems, and at no point does Apple handle a payer’s money or have any control over any payments or transfer of value,” it said.
