The consumer group CHOICE has called on the federal government to allow consumers who have credit cards from the big four banks to cancel them online without having to call or write to the banks.

A group of Australian banks, which have applied to the Australian Competition and Consumer Commission for leave to jointly talk to Apple about gaining access to Apple Pay and the near field communication (NFC) on iPhones, have modified their demands, stating that they only want open access to the NFC function.

Independent EFTPOS institution Tyro Payments claims Australian banks are holding back business and the economy because they won’t grant loans to small and medium-sized businesses unless owners put up their houses as collateral.