Financial Review:

Apple has launched a blistering attack on three of Australia’s big banks, saying their request to collectively negotiate over digital wallet access to the iPhone will compromise the handset’s security, reduce innovation and blunt Apple’s entry into the payments market in Australia.

In a pithy, three-page submission to the ACCC, Apple says providing access to the phone’s transmitter to allow bank applications to facilitate contactless payments would compromise the security of Apple’s hardware.

With its focus on customer security, there’s no chance Apple backs down on this stance and allows the Australian banks the control they are looking for.