Apple Faces EU Antitrust Charge Over Mobile Payments Technology

Video Credit: Wibbitz Top Stories
Published on May 2, 2022 - Duration: 01:30s

Apple Faces EU Antitrust Charge Over Mobile Payments Technology

Apple Faces EU Antitrust Charge , Over Mobile Payments Technology.

CNBC reports that on May 2, antitrust regulators in Europe charged the tech giant with keeping rivals from using its NFC chip technology.

The charge may force Apple to provide its competitors with access to its mobile payment system.

CNBC reports that the European Commission sent Apple a statement of objections in which it details ways the company abused its market position pertaining to iOS mobile wallets.

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We have indications that Apple restricted third-party access to key technology necessary to develop rival mobile wallet solutions on Apple’s devices, Margrethe Vestager, EU antitrust chief, via statement.

In our statement of objections, we preliminarily found that Apple may have restricted competition, to the benefit of its own solution Apple Pay, Margrethe Vestager, EU antitrust chief, via statement.

Reuters reports that Apple, which said it will keep engaging with the Commission, faces a hefty fine.

The company issued a statement.

Apple Pay is only one of many options available to European consumers for making payments, and has ensured equal access to NFC while setting industry-leading standards for privacy and security, Apple, via statement.

Reuters reports that in Europe, Apple Pay is used by over 2,500 banks and 250 fintechs and challenger banks


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