Commonwealth Bank CEO: Apple Needs ‘More Scrutiny in Australia’

The head of Australia’s Commonwealth Bank says Apple’s in-country payments operations need greater oversight.

“They should be subjected to a lot more scrutiny in Australia,” said Matt Comyn, whose comments at a conference in Sydney Monday (March 11) were reported by Bloomberg News.

The Bloomberg report notes that this is an ongoing crusade for Comyn, who has advocated for greater competition and once told Australia’s parliament that consumers should be able to choose which features they prefer from digital wallet apps like Apple Pay.

The report notes that Apple doesn’t provide access to the near field communication chip on its iPhones, and instead requires banks to send payments via its digital wallet.

“They are very sophisticated companies who are playing a very deliberate game and it should be a very clear agenda item for government and policymakers,” Comyn said in reference to the iPhone maker.

Late last year, Australia announced legislation governing the use of Apple Pay and other digital wallets, placing the payment method under the same regulatory umbrella as credit cards.

“We are modernizing Australia’s payments system to ensure it meets the needs of our economy now and into the future,” Treasurer Jim Chalmers said. “We want to make sure the increasing use of digital payments occurs in a way that helps promote greater competition, innovation and productivity across our entire economy.”

A report by Reuters at the time pointed out that regulators were responding to a leap in digital wallet usage, especially among young people in Australia. Digital wallet transactions were part of 35% of card transactions in the second quarter of last year, up from 10% in early 2020. And two-thirds of Australian consumers between 18 and 29 use mobile payments, compared to less than 20% before the COVID-19 pandemic.

Comyn’s comments come as Apple is facing greater scrutiny elsewhere, and not just for its payments operations.

Last week, the European Commission fined the company a record 1.8 billion euros ($1.95 billion) for abusing its place in the music streaming market.

The commission says it found that Apple had prevented app developers from telling iOS users about alternative and cheaper music subscription services — such as rival Spotify — something that is forbidden under Europe’s antitrust regulations.

Apple has said it will appeal the fine, and said the commission had failed “to uncover any credible evidence of consumer harm.”

The post Commonwealth Bank CEO: Apple Needs ‘More Scrutiny in Australia’ appeared first on PYMNTS.com.