Apple runs rings around regulators by bringing real competition to banks

A small but pivotal change happened in the broader economy on Wednesday last week, as Apple came good on its promise to release Tap to Pay in Australia, only the second jurisdiction outside the US to have the powerful ‘cash killer’ technology turned on.

Make no mistake, this is a launch primarily about redefining Apple’s relationship with competition, financial services and telecommunications regulators and the stakeholders in those sectors.

The reason why it is happening in Australia, a small but handsomely profitable market for Apple, is because it will have the best shot at lasting setting precedents that carry across to Europe and Britain, Canada and eventually the United States.