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Apple avoids EU antitrust fine (

Posted on by darion

US Tech Corporation – Payment System Dispute: Apple Avoids EU Antitrust Fine

This Tech giant Apple avoided a heavy antitrust fine from the European Commission. EU antitrust complainants accept concessions from the U.S. company and end a long-running dispute over Apple Pay, a European Commission press release said in Brussels. Apple is giving other makers of mobile wallets and payment services free access to its devices’ NFC chip to make contactless payments.

The Commission accused Apple of deliberately hindering competition in the mobile wallet sector. For example, if banks want their cards to enable contactless payments on iPhonethey could only do so through Apple Pay and Apple’s proprietary mobile wallet.

Banks have long criticized the fact that they can’t directly access the NFC radio chip that lets you use your phone instead of your bank card at the checkout. Apple has argued that Apple Pay is the only way to do that, due to security concerns. The discounts offered are to last for ten years.

If EU If the Commission finds Apple’s concessions insufficient, the company would likely have to pay a hefty fine. If the company fails to comply with EU antitrust rules, the Commission can impose a fine of up to ten percent of the company’s annual turnover.

  1. The European Union, recognizing the importance of a fair payment system, has taken a close look at Apple’s practices related to Apple Pay.
  2. The European Commission has concluded that, in light of advances in NFC technologies, competitors should also have equal access to contactless payment capabilities on Apple devices.
  3. Tech giant Apple, mindful of potential antitrust penalties if it doesn’t make concessions, has agreed to let other payment system makers use its NFC chip for contactless payments on iPhones and other devices.
  4. As part of its efforts to increase competition in the mobile wallet market, the European Union has welcomed Apple’s decision to open up its NFC technology to other developers as it supports a fair and competitive market.
  5. The European Commission, based in Brussels, will closely monitor Apple’s implementation of the agreed concessions to ensure compliance with EU antitrust rules and support a dynamic and balanced technology market across Europe.

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