Apple has offered to let competitors access to its tap-and-go mobile payment systems, which are used for mobile wallets. This might resolve EU antitrust allegations and avert a potentially large fine, according to a Reuter's report quoting information from sources with knowledge of the matter.
Last year, the EU competition watchdog accused Apple of restricting competitors' use of its tap-and-go Near-Field Communication (NFC) technology, which made it harder for competitors to create competing services on Apple products.
It said that this helped Apple Pay, the company's proprietary mobile wallet app for iPhones and iPads, and highlighted Apple's considerable market domination in both the smart mobile device and mobile wallet categories.
According to the people, the European Commission would probably wait until next month to decide whether to accept Apple's offer before getting input from competitors and consumers.
They stated that there is yet chance to alter the date and outcome of the market test.
The EU oversight body opted not to respond. Before US working hours, Apple was not immediately reachable for comment.
In Europe, nearly 2,500 institutions as well as over 250 fintechs and challenger banks accept Apple Pay. Tap-and-go payments on iPhones and iPads are made possible via the NFC chip.
In a 2020 lawsuit, Apple is accused of obstructing Spotify and other music streaming services from alerting customers to alternative places to make purchases besides the App Store.
Next year, the Commission is anticipated to make a ruling that may come with a fine and an injunction to cease this conduct.
If found guilty of violating EU antitrust laws, businesses could face fines equal to 10% of their yearly global revenue.
(Source:www.theinforamtion.com)
Last year, the EU competition watchdog accused Apple of restricting competitors' use of its tap-and-go Near-Field Communication (NFC) technology, which made it harder for competitors to create competing services on Apple products.
It said that this helped Apple Pay, the company's proprietary mobile wallet app for iPhones and iPads, and highlighted Apple's considerable market domination in both the smart mobile device and mobile wallet categories.
According to the people, the European Commission would probably wait until next month to decide whether to accept Apple's offer before getting input from competitors and consumers.
They stated that there is yet chance to alter the date and outcome of the market test.
The EU oversight body opted not to respond. Before US working hours, Apple was not immediately reachable for comment.
In Europe, nearly 2,500 institutions as well as over 250 fintechs and challenger banks accept Apple Pay. Tap-and-go payments on iPhones and iPads are made possible via the NFC chip.
In a 2020 lawsuit, Apple is accused of obstructing Spotify and other music streaming services from alerting customers to alternative places to make purchases besides the App Store.
Next year, the Commission is anticipated to make a ruling that may come with a fine and an injunction to cease this conduct.
If found guilty of violating EU antitrust laws, businesses could face fines equal to 10% of their yearly global revenue.
(Source:www.theinforamtion.com)
