The European Union and the Netherlands are investigating issues relating to access to iPhone NFCs.
Treasury has received a report examining the regulatory architecture of the payments system but this has not been released. Over the past two days, the PJC heard evidence there are too many regulators involved in payments regulation in Australia, creating confusion about respective responsibilities.
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The committee is considering whether to recommend a law such as one introduced in Germany, which creates an access regime for NFCs. The RBA said on Monday if an access regime was created in Australia, banks would still need to pay something to Apple for using its infrastructure.
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The Australian government is considering requiring Apple to open up its contactless payment technology to more than just its own Apple Pay service.
The Parliamentary Joint Committee on Corporations and Financial Services has heard arguments for and against forcing Apple to open up access to its near-field communication (NFC) interface on iPhone to third-party apps, much like how other interfaces like Bluetooth and the camera can be used by any application.
Major stakeholders like Apple, Google and others are all presenting arguments for consideration.
Although Android supports alternatives, Apple cites security issues with the alternative as a reason why it cannot open up the NFC interface to third parties.
Australia considers requiring Apple to support Apple Pay rivals appleinsider.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from appleinsider.com Daily Mail and Mail on Sunday newspapers.
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Australia Considers Case for Opening iPhone NFC Chip to Third Party Payment Systems macrumors.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from macrumors.com Daily Mail and Mail on Sunday newspapers.