Commonwealth Bank boss says Apple's digital wallet is anticompetitive

The head of Australia’s biggest bank says tech giant Apple’s ApplePay system is anticompetitive.

Commonwealth Bank CEO Matt Comyn told a joint parliamentary committee Apple had 80 per cent of the digital wallet market share and locks out other banks and competitors.

Apple restricts access to the NFC chips in its mobile phones, allowing them to block competition.

“The thought that a single provider could have 80 per cent market share in an individual market is usually cause for concern,” Mr Comyn said.

“It means there can be no competing wallets on the iOS operating system.”

The Commonwealth Bank believes digital wallets and paying by holding a phone up to a card reader will be the main form of payment by the end of the year.

Видео Commonwealth Bank boss says Apple's digital wallet is anticompetitive канала Sky News Australia