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EU tackles Apple Pay over market dominance

The EU hopes to achieve fairness in the business of contactless payment, by getting Apple to open its resources

The European commission has charged Apple with an antitrust accusation over abusing its market position for contactless payment on the iPhone.  Apple is believed to have prevented rivals from accessing the "tap and go" technology, if true the company will be breaking the competition law. Launched in 2014, Apple Pay is a multi-billion business and a powerhouse in the digital payment industry and has continued its dominance by integrating contactless payments into iOS (Apple's operating system).

Source: Almayadeen

‌‌‌‌Valued at over $1 billion the contactless payment is taking the world by storm as it provides a secured method for consumers to purchase goods and services with the use of smart cards, smartphones, key fobs, and others. The EU aspires to foster innovation by requesting Apple provide necessary access to its software and hardware. The European Commission also seeks to create a level playing ground for fairness for other digital payment businesses.

‌‌As the EU attempts to curtail Apple's ability to prevent other mobile wallets from its operating system, users on iOS might be able to access other payment solutions from other companies like Google pay, Stripe, and PayPal on their iPhones. Apple currently has objected to a number of the provisions outlined by the EU and will seek to hold on to its grip over the Apple App Store.