Today’s News
Apple will make its tap-and-go payment technology available to competitors, complying with demands from EU regulators, even as EU antitrust chief Margrethe Vestager expressed ongoing concerns about the company’s adherence to broader tech regulations.
Image Source: Galaxus
Despite Apple’s move to open up its near-field communication (NFC) technology for mobile payments, which ends a lengthy investigation and averts a potential fine, Vestager highlighted that Apple has not yet adjusted its overall business practices in line with the Digital Markets Act (DMA). This Act mandates that major tech companies foster fair competition and increase user choice.
Vestager remarked, “What I can say so far is that we have not seen a change in behaviour on Apple’s side when it comes to our preliminary findings.” “
I would have hoped so because I think it will be beneficial for consumers and customers and of course respectful to the legislator to discuss in depth what would be expected from gatekeepers.”
Image Source: Slash Gear
This development allows more than 3,000 European banks and issuers currently offering Apple Pay to face less restrictive competition. Apple’s decision to enable access to its NFC technology will allow developers to pre-build payment applications for other mobile wallet providers, thereby supporting a more open ecosystem for services like car keys, transit passes, and loyalty programs.
This move was well-received by competitors like Norwegian mobile payment app Vipps MobilePay, which saw it as an opportunity to compete on equal footing with Apple and others in the market.
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PBOC Likely to Keep Medium-Term Rate Unchanged
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