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SMH: Banks Square Up to Afterpay and Apple
5 August 2021
“Both Apple and Afterpay are competing with banks in ways that fall outside banking regulation, and all the costs that come with it. Afterpay has set itself up in a way that it skirts both payment regulation and responsible lending laws, while Apple doesn’t actually handle deposits, but clips the ticket on credit and debit card transactions that occur through its platform.”
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