Tag: commonwealth bank

Banks have relatively low interest in Apple Pay

Apple is running into trouble with the expansion of its mobile payments service, Apple Pay. The company has been trying to convince the world’s largest banks to support the service, but the banks have shown relatively little interest. Apple is looking to launch Apple Pay in China in the coming year, but financial institutions have yet to be dazzled by the mobile payments service. Banks in other countries are showing similar disinterest, as well, slowing the expansion of Apple Pay considerably.

Australian banks have yet to show any strong support for Apple’s mobile payments service

Last month, Apple did manage to launch its mobile payments service in Australia, with the aid of American Express. While Apple Pay has come to Australia, it has yet to acquire the support of the country’s four largest banks, ANZ, National Australia Bank, Commonwealth Bank, and Westpac. These banks represent an estimated 80% of consumers in the country that are already using mobile payments systems.

Banks have already established a foothold in the mobile payments market

Australian banks seem uninterested in Apple Pay because they have already done all the work to make mobile payments available in the country/ As such, some of these banks may see Apple as looking to come in and take advantage of a market that has already been established. Australian consumers have had access to a wide range of mobile payments services for some time, most of which have managed to acquire the support of the country’s banks.

Apple continues to face significant competition

Apple has overcome many challenges in the mobile payments space in the past, but without support from banks, Apple Pay may find relatively little traffic in promising markets. When Apple Pay launches in other countries, it will be facing significant competition from other companies that are involved in the mobile payments space, some of whom have already established a significant foothold in several markets. Considering the interest that iOS users have in mobile payments, however, Apple may be able to find success even if banks are relatively wary.

Mobile commerce subject to government investigation

The Australian government has launched an inquiry concerning the experiences consumers are having with downloading applications and applications used to make purchases from mobile devices. Mobile commerce has been growing in popularity in Australia for some time. The country is serving as host to several mobile commerce initiatives, including those coming from the Commonwealth Bank, one of the largest financial groups in the country. The growing popularity of mobile commerce has created a sense of unease from the Commonwealth Consumer Affairs Advisory Council, however, which is concerned for the quality of service and security of consumer financial information.

Simplicity of mobile apps to be investigated

The government agency is to investigate the quality of mobile application downloads to determine whether they are more complicated than they need to be. Some consumers have been issuing complaints regarding the overly complicated nature of some mobile applications, claiming that they are confusing and, at times, misleading. While app downloads are a matter for investigation, the government is much more concerned with in-app purchases.

Consumers raise complaints over in-app purchases

Mobile payments are often a sensitive issue, especially in terms of security. While many consumers have shown interest in making payments through their mobile devices, this can be dangerous and puts their financial information at risk. In regards to in-app payments, the Commonwealth Consumers Affairs Advisory Council notes that consumers are experiencing a great deal of frustration from ramping costs that they cannot easily manage through certain applications. These applications could present a financial threat to some consumers.

Public consultation period to begin within weeks

Consumers and companies operating within the mobile commerce industry are being invited to share their input on the matter with the Australian government. The Commonwealth Consumer Affairs Advisory Council will be opening up the inquiry for a public consultation period within the coming weeks, hoping to attain a more in-depth understanding of the problems consumers are having with mobile applications and mobile commerce in general.