Westpac & NAB rumoured to cave on Apple Pay

Apple Pay ANZ Westpac CommBank NAB

After Commonwealth Bank recently announced its support for Apple Pay rumours are circulating that both Westpac & NAB are working to make an announcement in the coming weeks.

ANZ was the first of Australia’s big four banks to launch Apple Pay on iPhone and Apple Watch in April 2016. Amex and a number of smaller Australian banks also support Apple Pay. Commonwealth Bank announced that it will launch Apple Pay in January 2019.

Commonwealth, Westpac and National Australia Bank attempted to force Apple into collective bargaining in order to gain access to the iPhone’s NFC capabilities for their own wallets. 

Apple argued that this was harmful to consumers by stifling innovation. The Australian Competition and Consumer Commission agreed with Apple and prevented the action.

This will mean that all the big four Australian banks will support Apple pay It is likely Westpac subsidiaries including Bank of Melbourne, St George and Bank SA will also support Apple Pay. Less likely for support will be NAB online online subsidiary UBank.

The joint venture Beem It between Commonwealth, NAB and Westpac meant to be their counter to Apple Pay may now have an uncertain future.