The chief executives of Commonwealth Bank of Australia (CBA) and National Australia Bank (NAB) have raised concerns about anti-competitive practices by technology giants during a recent two-day Senate hearing.
All four major bank CEOs appeared before the House Standing Committee on Economics to address consumer issues, including scams, debanking, and market competition.
CBA’s CEO, Matt Comyn, expressed his belief that certain “big tech players” exhibit gatekeeper and quasi-monopolistic behavior, taking advantage of existing infrastructure without contributing much to it. He urged for more engagement and regulation in this area to protect consumers.
Comyn highlighted the importance of recent payments reform and legislation unveiled in June, emphasizing that it plays a crucial role in ensuring the safety and security of the payments system.
Apple Pay as a major player in “big tech”
NAB CEO Ross McEwan echoed similar sentiments, singling out Apple Pay as a major player in “big tech.” He called for a level playing field where all players, whether in payments or credit services, should be subject to appropriate regulations.
Both CEOs emphasized the need for comprehensive regulatory frameworks to cover all aspects of digital payments, modernization, and the use of technologies like Digital ID and artificial intelligence. Last month, banks and fintechs showed support for a strategic plan for payments released by the government.
In a separate development, the European Commission is already investigating Apple’s mobile payment system due to alleged restrictions on competitors accessing its near-field communication (NFC) technology. This battle had been previously fought by Australian banks, albeit unsuccessfully, as such limitations hindered competitors from developing their own services for Apple devices.
