Apple Pay in Australia ‘will encourage credit card competition’

Apple Pay could encourage competition between banks on credit cards in Australia, prompting more promotions and discounts, according to Apple’s latest submission to the Australian Competition and Consumer Commission (ACCC). In the latest round of its fight with the country’s big four banks, Apple also says Apple Pay would allow small banks to better compete in the market because they have “less resources to develop their own digital wallets,” The Sydney Morning Herald reports.