Apple’s Clash with Banks Over Apple Pay & NFC Chips
You’ll recall that Apple recently got into a row with four large Australian banks (Bendigo and Adelaide Bank, Commonwealth Bank, NAB, and Westpac) over Apple Pay and their NFC (near field communication) mobile payment hardware. For those who are unaware, Apple Pay allows iPhone and Apple Watch users to make convenient, contactless retail payments at various outlets instead of a credit or debit card. The banks joined forces to resist signing deals to use Apple Pay, and (from Apple’s perspective at least) stifle their ability to compete. In a formal …