Home Business EU Cracks Apple’s Wallet Open: Mobile Payments Face Shakeup

EU Cracks Apple’s Wallet Open: Mobile Payments Face Shakeup

by Sonia Park
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EU Cracks Apple's Wallet Open: Mobile Payments Face Shakeup

Brussels is bracing for a potential shift in the mobile payments landscape as Apple takes a step towards appeasing European antitrust regulators. The tech giant, facing accusations of stifling competition with its closed ecosystem, has offered to open up its near-field communication (NFC) technology to rival mobile wallet developers. This move marks a significant concession in the ongoing saga surrounding Apple Pay's dominance within the iPhone user base.

In 2022, the European Commission levied charges against Apple, alleging that its practice of restricting access to the NFC chip on iPhones – the essential hardware component for making contactless payments. . .

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