Apple Opens Up iPhone's Mobile Payment System to Rival Companies After Antitrust Investigation
Apple has reached a deal with EU regulators to open up its mobile payments system to rival companies after a 4-year antitrust investigation. The EU was concerned that Apple Pay was the only mobile wallet option for iPhone users, restricting competition in the mobile payments market. As part of the commitments, Apple will allow third-party developers to access the tap-and-go/contactless payment technology in iPhones without charging fees. Competing mobile wallets will also be able to access key iPhone features like Face ID authentication.
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00:00It's Benzinga and here's what's on the block.
00:03Apple has reached a deal with EU regulators to open up its mobile payment system to rival
00:07companies after a four-year antitrust investigation.
00:11The EU is concerned that Apple Pay was the only mobile wallet option for iPhone users,
00:15restricting competition in the mobile payments market.
00:18As part of the commitments, Apple will allow third-party developers to access the tap-and-go
00:22contactless payment technology in iPhones without charging fees.
00:27Competing mobile wallets will also be able to access key iPhone features like Face ID
00:31authentication.
00:32For all things money, visit Benzinga.com.