CBA wants urgent Apple regulation, direct access to iPhone payments as fees soar

The Commonwealth Bank (CBA) has called for urgent RBA regulation of Apple Pay and other big tech platforms entering the financial services sector.

In a submission to the Senate Economics Committee this week, CBA highlighted the surging popularity of digital wallet payments on smartphones in Australia.

The bank urged the federal government to take a proactive approach to regulation, rather than a “fast follower” approach we saw with the news media bargaining code.

“Whether the speed with which some digital platforms are expanding into the provision of financial services will provide a net benefit to Australian consumers and the economy in the medium to long term will in part depend on how and when the government responds,” CBA said.