🚨 Breaking: Apple to Allow Third-Party Payment Apps on iOS in Europe
Hey FinTech Fanatic!
Apple has agreed to let third-party mobile wallet and payment services in Europe use the technology behind its Apple Pay app, a move aimed at addressing competition concerns raised by European regulators.
The U.S. tech giant announced on Friday that it would permit other companies' apps to make contactless payments on iPhones and other devices running its iOS operating system, free of charge, without the necessity of using Apple Pay or Apple Wallet.
This decision follows an investigation by the European Commission into whether Apple's restrictions on access to NFC technology - essential for mobile devices to interact with payment terminals - violated competition rules. Apple stated that this concession comes after discussions with the Commission and emphasized that Apple Pay, currently supported by over 3,000 issuing banks in Europe, would remain widely available.
Under the new proposal, European consumers using their mobile devices for payments will have the choice between Apple Pay or an iOS-enabled app. Users will also have the flexibility to change their default payment method at any time.
Apple has offered the following concessions:
- Only banks and finance companies in the EEA* get access
- Though once an EAA card is registered, it will work worldwide
- iPhone owners can choose to register a card for Apple Pay or a bank’s own app
- The same security and authentication processes will apply
- The access lasts for 10 years
*European Economic Area: Austria, Belgium, Bulgaria, Croatia, Republic of Cyprus, Czech Republic, Denmark, Estonia, Finland, France, Germany, Greece, Hungary, Iceland, Ireland, Italy, Latvia, Liechtenstein, Lithuania, Luxembourg, Malta, Netherlands, Norway, Poland, Portugal, Romania, Slovakia, Slovenia, Spain and Sweden.
It will be interesting to watch how this evolves in various areas around the world.
Enjoy more FinTech Industry updates I listed for you below👇, and have a great start to the week!
Cheers,
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INSIGHTS
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DIGITAL BANKING NEWS
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M&As
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