Apple’s Kyle Andeer told a parliamentary committee the cost of Apple Pay for banks was “set very low and remains very low”.
Apple claims this is good value given the reduced fraud rates.Apple says the fees it charges Australian banks for using Apple Pay are not a money making exercise, and should be regarded as good value given the tech giant’s digital wallet reduces fraud rates and improves payment experiences for people who transact on iPhones.
He also ruled out Apple creating a stablecoin or cryptocurrency, after PayPal launched a US-dollar stablecoin earlier this month: “It is an interesting market but not one we have plans to enter into,” Mr Andeer said. Nor does Apple want to create new payment “rails” to compete with Visa and Mastercard, given the extensive regulation in that space.
“We have taken a physical wallet and offer it in a different version on the iPhone,” he said. “We don’t offer payments services in Australia, we don’t offer any financial services in Australia, we are really simply a [card] presentment method for banks.” Google told the same committee it does not monetise any of the payments data generated by its digital wallet, Google Pay, which is available on Android devices.
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