Apple could be forced to slash the fees it charges rival payment providers and loosen its grip on iPhone contactless technology under new proposals unveiled by Britain’s competition watchdog. The Competition and Markets Authority (CMA) said that Apple's high fees and restrictive terms were stifling competition, preventing businesses from developing alternatives to Apple Pay.
Apple faces UK crackdown over iPhone contactless payments fees
UKPulse Money DeskThe Competition and Markets Authority (CMA) has proposed requiring Apple to open up its near-field communication (NFC) technology on fairer commercial terms, which could lead to lower access charges for rival payment providers.
- Apple's high fees and restrictive terms are stifling competition in the UK contactless payments market
- The CMA proposes requiring Apple to support both major international NFC standards
Why this matters: The move could allow iPhone users to make contactless payments through rival apps rather than relying on Apple Pay.
What this means for you: If you're an iPhone user, you may have more options for contactless payments in the future.