Apple's Near Field Communication Technology

The value of transactions using cards on smartphones has risen from $746 million in 2018 to more than $93 billion with a B billion in 2022. Cash now represents just 6% of the point of sale transactions in Australia. The ACCC is investigating if Apple's practice of restricting third party access to what they call the near field communication technology. Commonwealth Bank wants its banking app to be able to use iPhones to make tap and go payments on much better terms than Apple currently offers.