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Apple under fire from banks and regulators on payment app restrictions
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Major banks and regulators want a parliamentary committee to probe the restrictions Apple has placed on third-parties accessing the payment functions of its iPhone, to ensure the fast-growing market for digital wallets is competitive.
Banks say smartphones have become “critical gateways” for making payments, but given Apple and Google have payment applications that compete with banks, “competition questions may arise because of their ability to self-preference” Apple Pay and Google Pay over banks’ own apps.
The parliamentary joint committee on corporations and financial services will conduct hearings on Monday and Tuesday next week to examine the surging use of mobile phones to make payments. Behind the seamless process of waving a phone at a payments terminal instead of a physical card, banks and tech giants are locked in a fight over control of digital wallets.
What is CBDC and why are countries considering it now? Wednesday, 21 July 2021
Right now multiple countries around the world are considering establishing a central bank digital currency (CBDC). This increased interest may have been spurred on by the decline in cash use during the pandemic, as well as the growing popularity of digital payments.
Cash got a bad name in 2020
Early negative messaging around Covid-19 and cash use could be linked to a significant fall in cash use worldwide last year. In its 2020 Global Payments Report, McKinsey predicted a 4% to 5% decline in cash payments by the end of the year. That figure is four to five times the annual decrease in cash payments, observed by McKinsey in previous reports.
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