Australian banks turn up heat on Apple Pay

Australia's banks are pushing harder than ever against Apple.

The banks have submitted a formal statement to the Australian Competition and Consumer Commission slamming Apple's security-based argument against collective negotiations to access Apple Pay, according to reports. Commonwealth Bank of Australia, Westpac Banking Corporation, National Australia Bank and Bendigo and Adelaide Bank, accused Apple of trying to piggyback on their investment in a national contactless infrastructure, while remaining "intransigent, closed and controlling" in dictating terms for Apple Pay.

Chris Ratcliffe/Bloomberg

Apple faces a lot of pressure to win this battle in Australia, since other large markets such the U.S. could force similar concessions if the Australian banks get their way. When Apple Pay launched in the U.S. in 2014, banks that signed on expressed concern over its restrictions and pricing.