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🚨 The European Union said that Apple’s decision to let third parties use the Tech behind its Apple Pay app fully addressed its antitrust concerns, ending a long-running probe that could have seen Apple hit with a hefty fine. The European Commission, the EU’s executive arm, said it had made a series of commitments by Apple legally binding under the bloc’s antitrust rules, meaning that Apple now must comply with them by July 25. European officials were concerned that the tech giant was stifling competition by keeping rivals out of its payments ecosystem. The bloc opened a formal antitrust investigation in 2020 to determine whether Apple’s policy to restrict access to so-called near-field-communication—the software and hardware that let mobile devices communicate with pay terminals—violated competition rules. “From now on, competitors will be able to effectively compete with Apple Pay for mobile payments with the iPhone in shops,” said Margrethe Vestager, the EU’s competition chief. “Consumers will have a wider range of safe and innovative mobile wallets to choose from.” In response to the EU’s concerns, Apple said earlier this year that it would allow other companies’ apps to make contactless payments on iPhones and other devices that use its iOS operating system. Vestager said the commitments marked the end of the EU’s investigation into Apple Pay, though the company now has to make good on its promises or it risks a fine of up to 10% of its annual revenue or 5% of daily revenue for every day of noncompliance. More info: https://lnkd.in/gRi_G8Ge Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ]
