May 2, 2022

EU accuses Apple of breaking competition law over contactless payments

The European Commission has accused Apple of abusing its market position for contactless smartphone payments. "We have indications that Apple restricted third-party access to key technology necessary to develop rival mobile wallet solutions on Apple's devices," EU Vice-President Margrethe Vestager said in a statement. "We preliminarily found that Apple may have restricted competition, to the benefit of its own solution Apple Pay," the EU official who is in charge of competition policy said. "We designed Apple Pay to provide an easy and secure way for users to digitally present their existing payment cards and for banks and other financial institutions to offer contactless payments for their customers," the company said in a statement. More than 2,500 banks in Europe use Apple Pay and Apple smartphones represent around a third of the market across Europe.

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