Having lost its bitter Apple Pay battle, Australia's Westpac has signed up to support a rival NFC mobile payments service from Samsung.
The Australian Competition and Consumer Commission has denied authorisation to the Commonwealth Bank of Australia, Westpac, National Australia Bank, and Bendigo and Adelaide Bank to collectively bargain with Apple and boycott Apple Pay.
Westpac is working with Israeli-based startup PayKey on technology to add banking options to the bottom of a screen on a messaging app.
The group of Australian banks fighting it out with Apple for access to the iPhone's near-field communication function say that it is "unrealistic" to expect them to settle for Android Pay and non-NFC alternatives.
The group of Australian banks fighting it out with Apple over the introduction of the consumer electronics giant's mobile payment system have narrowed down their complaint to the Australian Competition and Consumer Commission (ACCC) to focus solely on open access to the NFC function on iPhones.
Westpac-backed venture fund Reinventure has allocated $1 million in seed funding to Melbourne-based hospitality app Doshii.
Westpac Mastercard customers with selected Samsung, Sony, LG, HTC, Motorola, Huawei, and Pixel, and other compatible Android devices can now sign up to Android Pay.
Australian banks are set to lose their bitter struggle to win collective bargaining rights over NFC access to iPhones as the country's anti-trust regulator issues a draft determination in favour of Apple.
The simmering dispute between Apple and four of Australia's leading banks over terms of access to Apple Pay has erupted into a fresh slanging match as the banking collective presses home its campaign to secure collective bargaining rights for NFC access to iPhones.
As Swift gears up for its annual Sibos jamboree in Geneva next week, the interbank messaging network is facing up to a growing threat from Ripple, which has signed up several major banks to a steering group on the use of distributed financial technology for global payments.
© Finextra Research 2017