ASB, BNZ & Westpac's parents in conflict with Apple
A way Apple makes money through Apple Pay is by taking a slice of bank's interchange fees, or the charges banks levy on merchants' sales. Australia's banks, aside from ANZ, have been unwilling to share any of this with Apple. Aside from ANZ only American Express offers Apple Pay in Australia. After a lengthy stand-off, four other Australian banks, including the parents of New Zealand's ASB, BNZ and Westpac have asked the Australian Competition and Consumer Commission (ACCC) for permission to act collectively to negotiate with Apple over access for their own digital wallet products in its phones, tablets and watches. (There's more here from the ACCC on the issue).