The banks and other card issuers are seeking authorisation to collectively negotiate on issues including the ability to use Near Field Communication (NFC) on Apple devices to enable contactless payments to be made via the banks own digital wallets.
Apple Pay, which allows consumers to tap and pay using their phone, is a closed system and does not connect with the systems of other providers. That has become a sticking point with the banks, which have been developing their own e-wallet offerings that Apple is refusing to accept.
Banks charge over USD 3 billion in fees each year for processing credit and debit card transactions.
In its decision, the ACCC said it took into account the potential for continuing effects on competition in the market, and any possible harm to the applicants or other parties.
However, ACCC has added that the decision is not indicative of whether or not a draft or final authorisation will be granted and a draft decision is to be released in October 2016.
The only member of the Big Four not part of the application is ANZ, which reached a separate deal with Apple.
A number of other Australian institutions have supported the ACCC granting authorisation including Heritage Bank, Tyro and Indue.
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