Peter Ryan reported this story on Tuesday, November 29, 2016 12:39:00

The competition regulator has rejected a move by three of Australia's big four banks to collectively boycott Apple's payment system, Apple Pay.



The banks had wanted access to Apple's hardware system on its iPhones which allow contactless payments using their own systems.



The ACCC's decision is the blow to major banks which are racing to compete with Apple in an increasingly cashless society.





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Rod Sims, ACCC chairman