Apple settles EU case by opening its iPhone payment system to rivals
Apple settles EU antitrust case by opening iPhone payment system to competitors. Third-party mobile wallet providers can access contactless payment function. Changes aim to boost competition, benefitting users and developers.
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Apple has settled an EU antitrust case by agreeing to open its iPhone payment system to competitors. The European Commission accepted Apple's commitment to allow third-party mobile wallet and payment service providers access to the contactless payment function in its iOS operating system. This move comes after regulators accused Apple of abusing its dominant market position by limiting access to its mobile payment technology. The commitments made by Apple will be legally binding and remain in force for a decade. The changes aim to increase competition and benefit both competitors and customers. The deal will allow iPhone users in the EU to choose their default wallet and enable mobile wallet developers to utilize important iPhone verification functions. By opening up its payment system, Apple aims to provide more choice for consumers and potentially lead to cost savings that could benefit both banks and consumers. The changes will apply to the EU's 27 countries, as well as Iceland, Norway, and Liechtenstein.
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3 comments> If companies use their own apps for tap-and-go payments, they would get “full visibility” of their customers’ transactions, said Ben Wood, chief analyst at CCS Insight. That data would allow them to “build brand loyalty and trust and offer more personalized services, rewards and promotions directly to the user”, he said.
I sincerely hope this is the worse before it gets better and we'll actually get mandated transaction privacy across every provider instead of relying on Apple but I doubt it.
- does apple just share "full visibility", or remove itself completely from the transaction?
- can customers still use apple for payment or can an app require their own payment system?
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