EU Regulators Seek More Information on Apple Pay to Boost Case Against iPhone Maker 215h2d Technology News

The EU competition watchdog last year accused Apple of restricting rivals' access to its tap-and-go technology, NFC, used for mobile wallets. 2w296r

By Reuters | Updated: 11 May 2023 10:48 IST

EU Regulators Seek More Information on Apple Pay to Boost Case Against iPhone Maker

Photo Credit: Reuters 3v6d2p

The regulator can fine Apple up to 10 percent of its global turnover if found guilty

Highlights

Apple has pointed to PayPal's success on iOS as an option for s
Rivals say alternatives to NFC are cumbersome and not competitive
Regulator says Apple restricts rival services on its devices

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EU antitrust regulators are seeking more information on iPhone maker.

The NFC), used for mobile wallets, making it difficult for them to develop rival services on Apple devices.

"We can confirm the sending of requests for information," a commission spokesperson said, while declining to provide details.

Apple declined to comment.

Apple has previously pointed to iOS mobile operating system as an option for s as well as competition from Danish rival MobilePay, Sweden's Swish and Belgium's Payconiq.

Norwegian mobile payment app and complainant Vipps said, however, that alternatives to NFC are cumbersome and not competitive.

The commission's request for information to rivals and retailers is unusual as it comes three months after Apple defended itself at a February 14 hearing.

The regulator, which can fine Apple up to 10 percent of its global turnover if found guilty of breaching antitrust rules, typically issues decisions after such hearings.

Last month, Apple announced a new high-yield deposit with partner Goldman Sachs Group amid increased competition among financial institutions for consumer dollars.

Apple said s of its Apple Card could earn 4.15 percent on savings s, or 10 times higher than the national average, citing March data from the Federal Deposit Insurance Corporation that showed consumers earned an average of 0.37 percent on savings in bank s.

In March, Apple also launched its "buy now, pay later" (BNPL) service in the US, a move that threatens to disrupt the fintech sector dominated by firms like Affirm Holdings and Swedish payments company Klarna.

The service, Apple Pay Later, will allow s to split purchases into four payments spread over six weeks with no interest or fees, the company said. It will initially be offered to select s, with plans of a full roll-out in the coming months.

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