Tech

Apple Pay Is Valuable Enough To Get People To Switch Banks

By Justin Lee , Feb 11, 2017 03:55 AM EST

Apple Pay is making its way towards different markets and different banks. However, not all banking institutions are keen in embracing the said technology. With that, Apple Pay's Vice President Jennifer Bailey remarked that the said Apple technology is valuable enough for the people to change banks for.

This comment from the VP was made while in an interview with AFR and it may as well be directed towards Australian banks that declined the use of Apple Pay. Apparently, three banks from the country's "Big Four" Banks decided to not accept Apple Pay. These banks are the Commonwealth Bank, Westpac and NAB. The other bank from the "Big Four" which is the ANZ has started supporting Apple's payment service since April of last year.

The said banks that decided to not support Apple Pay instead turned to ACCC or Australian Competition and Consumer Commission in their attempt to instead gain access to the iPhones' NFC hardware. They want to be given access to the chip so as to allow them to offer their own mobile payment services. The banks defend their decisions by saying that they want to offer "real choice and real competition" to the consumers. As per Mac Rumors' report, the banks said that they have never been about preventing the iPhone-maker from coming to the Australian market or about reducing the competition. They said that it is all about providing real competition and real choice.

Bailey, on the other hand, also defended Apple's business concept. The VP said that while there have been banks who have been wary about working with a big company like Apple, they are able to see its benefits in the long run. Additionally, the VP also claims that Australians use Apple Pay more often than customers from other countries.

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