CommBank's CEO has called for a bank-style levy on Apple and other large tech companies.
👉 Background: CommBank is Australia’s largest bank by customer and market capitalisation. But lately, CommBank's CEO seems more concerned about a company outside the banking industry.
👉 What happened: In 2021, Commbank's CEO shared concerns about the growing power of Apple in the payments space. At the time, he accused Apple of free-riding on banks and their investment into key financial services infrastructure.
👉 What else: And now: CommBank's CEO has called for a bank-style levy on Apple and other large tech companies as a way to level the competitive playing field. It's fair to say, the battle between CBA, Australian big banks and Apple is going up another notch.
💡While consumers may not know the ins and outs of digital payment fees, this industry is big business - and everyone wants a slice.
💡Apple is charging the banks a clip on each payment processed through iPhones. In fact, it's estimated that Apple generates around $130 million a year from the banks, while leveraging their payments technology.
💡 As Apple continues to take a greater slice of payments revenue, CommBank wants Apple to start investing in the infrastructure that it relies on for this payment revenue.
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