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“We strongly believe banks need an independent digital asset to enable truly efficient settlement and we believe XRP (the native digital asset to the Ripple network) is best positioned for that role. It goes back to the fundamentals of what makes digital assets unique and special; they’re universal currencies, meaning anyone can use them as units of value anywhere in the world. That universality gives digital assets global reach and the ability to settle much
NEWS
faster than traditional assets,” he writes. “Compared head to head with other independent digital assets (like Bitcoin or ether), XRP settles the most efficiently cross-border, in just seconds. In fact, we’ve run tests with global banks to prove XRP can lower liquidity costs for cross-border trades. More to come on that front.”
Scott Thompson Apple Pay war of words Down Under
Australian banks and Apple is set to continue after the country’s competition watchdog said that it needed more time to go through their submissions. Apple recently fired back at Commonwealth Bank of Australia, National Australia Bank and Westpac, after they made an application with Bendigo and Adelaide Bank to collectively negotiate with the technology giant to utilise NFC hardware on its devices, enabling contactless payments to be made through the banks’ own digital wallets.
A
Mobile wallets, said the application, should not be introduced in a manner that threatened “customer choice, security or transparency..Apple’s refusal to provide third party apps with any access to the NFC functionality of its devices sets it apart from other hardware manufacturers … and Third Party Wallet Providers such as Google, Samsung and Microsoft.”
Apple has countered by arguing this would compromise the iPhone’s security, reduce innovation and hamper its entry into the Australian payments market. It told the Australian Competition and Consumer Commission (ACCC) that “allowing the banks to form a cartel to collectively dictate terms to new business models and services would set a troubling precedent and delay the introduction of new, potentially disruptive technologies”.
ACCC Chairman Rod Sims has responded: “We have considered interim authorisation within a short timeframe at the request of the applicants. However, given the complexity of the issues and the limited time available, the ACCC has decided not to grant interim authorisation at this
mobile payments stand off between
time. It requires more time to consult and consider the views of industry, consumers, and other interested parties.”
He adds that the watchdog took into account the potential for continuing effects on competition in the market, the extent of urgency for the request, any possible harm to the applicants or other parties if interim authorisation is granted or denied, and possible public benefits and detriments. “The entire ACCC authorisation process usually takes up to six months, including the release of a draft decision for consultation before making a final decision. We expect to release a draft decision in October. The decision not to grant interim authorisation at this time is not indicative of whether or not a draft or final authorisation will be granted,” he comments.
This isn’t the first time Apple and the Australian banks have come to blows; last year the latter resisted the introduction
of Apple Pay, having used their own system for more than two years. The banks were also understood to be reluctant to let Apple infiltrate a market which earns them around AU$2 billion annually in interchange fees.
Scott Thompson and Alex Hamilton
www.ibsintelligence.com © IBS Intelligence 2016
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