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SYDNEY, March 31 Australia's competition
regulator on Friday said it would bar a group of the country's
largest banks from bargaining collectively for access to Apple
Inc's contactless payment function, potentially setting
a global precedent.
The decision, the first of its kind, will stop the banks
from introducing their own mobile applications on devices like
the iPhone and Apple Watch that could be used for contactless
payments instead of the Apple Wallet.
That would have enabled banks to circumvent transaction fees
and get customers to engage more frequently with their own apps,
potentially unlocking more of Australia's contactless payment
(Reporting by Jamie Freed, editing by G Crosse)