Australia’s largest bank accuses Apple of leaning on its market power
Commonwealth Bank of Australia CEO Matt Comyn Image: CBA The Commonwealth Bank of Australia (CBA) has continued its fight for access to Apple’s NFC antenna , with CEO Matt Comyn using his appearance before the mobile payment and digital wallet financial services inquiry to highlight Apple’s potentially anti-competitive and self-preferencing behaviours.
In his testimony, Comyn said while Apple may hold around 54% of the mobile phone market share in Australia, the Cupertino giant boasts around 80% market share when it comes to digital wallets in use.
“The fact that a single provider could have 80% market share in an individual market is usually cause for concern, and this is a company — I’d be the first to say they make fantastic products — but this is a company [whose] market cap is double Australia’s gross domestic product, and certainly in the context of tax receipts, makes very little contribution to Australian government receipts,” Comyn told the Parliamentary Joint Committee on Corporations and Financial Services.
“I think the rise of both the power, market power, and how that market power is exerted not just in Australia … [the ACCC] has been prepared to take a courageous stance in some areas around digital platforms, […]