Apple under fire from banks and regulators on payment app restrictions

Major banks and regulators want a parliamentary committee to probe the restrictions Apple has placed on third-parties accessing the payment functions of its iPhone, to ensure the fast-growing market for digital wallets is competitive.

Banks say smartphones have become “critical gateways” for making payments, but given Apple and Google have payment applications that compete with banks, “competition questions may arise because of their ability to self-preference” Apple Pay and Google Pay over banks’ own apps.