More than 700 banks facilitate Apple Pay in the US and all major banks in Britain are on-board but so far American Express is the only financial institution in Australia to partner with Apple. Sensitive payment data is stored in the iPhone's secure element. Credit:Bloomberg There have been reports that Apple has pushed for excessive interchange fees so the banks walked away from talks to partner with the tech giant. Mr Husic, who has been a vocal critic of Apple's pricing in the past, has written to RBA governor Glenn Stevens, expressing dismay at claims retail banks have "effectively boycotted" the new payment system. "Australian consumers should not be denied the ability to make payment choices that are openly available to consumers globally," Mr Husic wrote.

"No doubt some will argue this move by the banks is anti-competitive – I am certainly concerned that it denies consumer access to a secure, efficient payment platform." Labor MP Ed Husic says John Symonds comments on Sunrise were outrageous. Credit:Alex Ellinghausen Some industry experts have pointed out that banks have their own mobile payments apps and Australia is already much more advanced in pay-wave systems compared to the US and UK. But Mr Husic urged the RBA to find ways to break up the exclusivity banks had put on their own payments products. "It's certainly appreciated that commercial negotiations may occasionally frustrate the introduction of new payment methods but it shouldn't unduly delay the emergence of new methods," he wrote.

"Neither should there be a delay because some banks want to drive customers onto their own individual technology platform ahead of other platforms. "On this basis I would urge the RBA – more specifically the PSB [payments systems board] to consider the introduction of enhancements to the national payment systems framework to encourage greater tech neutrality and enhance consumer choice." Mastercard is reportedly keen to offer Apple Pay but rival Visa has sided with the banks. Fairfax Media recently reported that Apple had sought comparatively higher interchange fees in Australia. The company is understood to earn 15 cents per $100 for Apple Pay transactions in the US and it wants to maintain this rate in Australia, despite Australian banks earning roughly half the typical US fee. A spokesman for the ABA said Mr Husic's letter had been received but the association does not comment on commercial decisions of individual banks.

"Australian consumers already enjoy a diverse range of world-leading apps from their financial institutions – many of which were developed in Australia," he said. "Banks are always looking to improve their products and services. Innovation in banking will continue to evolve hand in hand with technology." It is understood Mr Edey will respond directly to Mr Husic. The RBA declined to comment. Follow us on Twitter