european union (EU) antitrust regulator is reportedly preparing for approval appleProposals for a tap-and-go mobile payment system have been made as early as May.
The technology company had proposed opening up the system to rivals after being accused by the Justice Department. european commission (EC) Interference with competition.
After acquisition feedback Regulators are expected to approve the proposal once the company makes some changes to the proposal, as requested by Apple’s rivals and customers, Reuters reported. report Friday (April 19), citing anonymous sources.
By concluding the investigation, Apple could avoid a finding of wrongdoing and a fine of up to 10% of its annual worldwide revenue, according to the report.
According to the report, the investigation focuses on Apple’s tap-and-go technology, or Near Field Communication (NFC), which enables contactless payments on mobile wallets.
According to the report, the EC said two years ago that Apple prevented rival companies from accessing mobile wallet technology on its mobile devices, stifling competition in the mobile wallet space.
Apple proposed in January to let its rivals do so, offering additional features and creating a mechanism to resolve disputes, according to the report.
The EC aims to accept proposals by May or at least the summer, but the timing could change if Apple needs to complete final technical details, the report said. ing.
NFC technology PYMNTS reported in November 2022 that since the launch of the iPhone 6, Apple’s smartphones have enabled contactless payments using the Apple Pay mobile wallet.
Unlike Android phone users, iPhone users have no other options if they want to make NFC payments. Because the terms of Apple’s development agreement prohibit third parties from using her iPhone’s NFC chip in such a way.
NFC technology has also become a source of contention between Big Tech companies and regulators in the United States. Consumer Financial Protection Bureau (CFPB) Spotlight on Apple NFC chip policy.
The CFPB said in its report that expanded access to this technology “could incentivize all providers to innovate and develop new features and services that discourage customers from switching.” Says.
These providers may include banks, retailers, and established payment app providers, all of which have an incentive to develop tap-to-pay apps for Apple devices, the CFPB wrote. There is.
