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May 3, 2022

Apple faces possible fine over mobile payment technology

Apple is likely to face a huge penalty and may also have to open its mobile payment technology to rivals after EU antitrust regulators charged the firm with limiting competitor’s access to its technology used for mobile wallets.

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This represents the second charge against the iPhone maker by the EU antitrust regulators after it was accused in 2021 of disturbing competition in the music streaming market following a Spotify complaint, reported Reuters.

In a charge sheet, the European Commission had stated how Apple had exploited its dominant position in mobile wallets segment on iOS devices.

According to the EC, the anti-competitive practices of the iPhone maker go back to 2015.

Apple had launched its mobile payment system in 2015.

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

Vestager added: “In our statement of objections, we preliminarily found that Apple may have restricted competition, to the benefit of its own solution Apple Pay.”

Apple is likely to face a fine of up to 10% of its worldwide turnover or $36.6bn based on its revenue in 2021.

In a statement, the company said: “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 Pay is used by more than 2,500 European banks besides more than 250 fintechs and others.

Free Report
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Prepare for changes in the Payments market

 The Payments market has seen drastic changes in the past few years, with this only expected to continue. What does your company need to do to prepare for what’s to come? GlobalData’s Payment Trends for 2022 report explores the key trends in technology, consumer habits, and regulations shaping the market. We also identify the leading companies in this changing market, giving you a competitive market outlook. This report covers the impact of:
  • ESG
  • E-commerce
  • Mobile payments
  • Alternative payment rails (Real-Time Payments, Blockchain, BNPL)
  • Fraud & Cybersecurity
  • Regulations
Download the report now to learn essential strategies to maximize your growth in the face of rapid change.
by GlobalData
Enter your details here to receive your free Report.

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