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Apple Pay spat rumbles on Down Under
as Apple Pay, are not a feasible solution for customers to use, Australian banks have argued. In a long running stand off with Apple, the Commonwealth Bank of Australia, Westpac Banking Corporation, the National Australia Bank, and Bendigo and Adelaide Bank have made a submission to the Australian Competition and Consumer Commission (ACCC), reinforcing a previous request for NFC access to use their own mobile wallets.
A
The banks highlight mobile payments and loyalty pro- grammes in other countries, which either use Android with NFC or a non-NFC PoS technology for multiple platforms. They claim that these countries have “less NFC infrastruc- ture in place than Australia, and Android has a much great- er presence,” claiming Android’s market share in France is “well over 70%” and “as high as 97%” in India.
“These alternatives are unrealistic in Australia, which lternatives to NFC-based payments, such
has the world’s highest adoption of contactless NFC card payments and one of the world’s highest iPhone market shares, particularly among customers likely to use mobile apps,” the submission states. “ING Direct recently confirmed that 70% of customers who use its banking app use iPhones, which is consistent with the applicants’ experience.”
Apple argues that providing third-party access to NFC would compromise security. The ACCC is expected to deliver a final determination this month.
Scott Thompson
Japanese FIs move blockchain into pro- duction
47 banks have completed a pilot implementation of Rip- ple in Japan, using a cloud-based payments platform, RC Cloud. This enables real-time money transfers both domes- tically and internationally. The consortium will now move into commercial phase.
S BI Ripple Asia reports that a consortium of
“Consortiums are not hard to come by in this industry, but what makes this significant is that these leading Japanese banks are focused on a clear use case and moving blockchain into production,” says Ripple CEO, Brad Garlinghouse. “This is a concrete example that our solution is already transforming how money is sent around the world.”
During the pilot, various aspects of RC Cloud were evaluated including operational risks, regulatory con- siderations, standardisation and potential interfaces to connect with banks’ accounting systems. “Domestic and cross-border payments have been silo processes that are expensive, but RC Cloud allows for a seam- less transaction for both types of payments on one plat- form,” says CEO at SBI Ripple Asia Takashi Okita. “And
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