However, behind the scenes, Apple’s march into banking is making leaders in the financial sector nervous – especially when they think about what might come next.Īpple said this week that Westpac and Tyro business customers could use iPhones to accept payments.īanks realise it’s tough to stand in the way of popular and convenient ways to pay. This will boost fees for banks because customers pay to receive electronic payments, while cash or bank transfers are free. They said it would allow sole traders, currently dealing in cash or sending invoices, to get paid as soon as a job is done. The US technology giant said Westpac and Tyro would be the first banks to allow business customers to download an app to receive payments from customers with their iPhone, rather than through a payment terminal.ĭespite the potential loss of revenue from selling and renting payment devices to merchants, both companies touted the partnership. This week the plan came to life in Australia. Not only would the iPhone be able to make payments, but accept them too.
Inside Apple, it was known as Project Muirfield.
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