Choice, efficiency and innovation for customers
A group of Australian financial institutions have lodged an application with the Australian Competition and Consumer Commission (ACCC) seeking authorisation to enter joint negotiations with providers of third-party mobile wallets.
Through joint negotiations, the applicants want to ensure that Australian consumers can make payments easily through their choice of mobile wallet providers, have access to the latest developments in contactless payment technology, and can benefit from common security standards across the mobile payment system.
The applicants believe consumers will benefit if they can choose the best mobile wallet that suits their own needs using their own devices. That way all consumers could have access to new features, apps and technologies developed by the makers