Should the big four banks be worried about Apple?

This week in The Fin podcast, senior reporter James Eyers on Apple’s latest push into financial services in Australia, what it means for the consumer and why it’s threatening the big four banks.Further reading: Apple Pay on a roll and the banks are rattled to their core While Westpac and Tyro touted a deal with Apple this week to let iPhones accept payments, senior bankers are worried about where the tech giant will go next. Apple lets iPhones accept payments for Westpac and Tyro The move expands the payments market, generating higher fees for banks and Apple, which is continuing to push for a cashless society. Apple Pay costs for Australian banks revealed Apple is raking in more than $110 million in annual fees from Australian banks, an amount that will further rise as paying with mobile phones becomes more common. See omnystudio.com/listener for privacy information.