Australian Banks Boycotting Apple Pay Creates Opportunities for Bitcoin
Competition in the mobile payments industry is heating up all over the world, but things are getting particularly interesting in Australia. The National Australia Bank has launched a new mobile payment solution for Android users, which will be in direct competition with Apple’s concept. Furthermore, the country’s largest banks are planning to keep boycotting Apple Pay for the foreseeable future. Bitcoin is still the only global mobile payment solution.
Also read: Growing Demand for Global And Real-Time Payments To Boost Bitcoin Adoption
Australian Banks Do Not Like Apple Pay Even though any form of mobile payment solution should be designed to benefit the consumer, several Australian banks have a hidden agenda when it comes to boycotting Apple Pay. Despite Apple launching their mobile payment solution in Australia close to a year ago, the company has not succeeded in convincing any of the big banks to work together.
That should come as no major surprise, in fairness, as Australia is only just getting used to the concept of contactless payments. While this may have seemed to be an opportune moment for Apple to launch their Apple Pay service in Australia, they are facing a major challenge. If banks do not cooperate with Apple Pay, the mobile payment solution will not gain any traction in the country.
This post was published at Bitcoinist on 2016/01/26.