Apple provides the electronic payment system to its competitors to solve the European Union crisis

In recent weeks, Apple has faced many pressures from the European Union. This is due to the charges against it of monopolizing the electronic payment market and putting pressure on its competitors. But Apple's attempts to resolve the crisis are still ongoing, as today it made a pledge to open the electronic payment system to other competitors. This will definitely save you a lot as a user. Here are all the details in the following paragraphs, God willing.

Apple opens its electronic payment system to competitors after pressure from the European Union

In a previous article we talked about The possibility of Apple allowing competitors to use NFC technology in payment servicesNow, this matter is being implemented, as Apple has pledged to make the electronic payment system available to competitors, according to what the European Union announced on Friday, 19/1/2024. Apple did this to avoid huge financial fines. Apple has also proposed allowing third-party e-wallet and payment service providers to access Contactless Payment Function technology through its iOS system. In the same context, the European Union indicated that 27 countries were waiting to obtain comments from all parties to the case before making any decisions, and this is what raised Apple’s fear.

The European Union's position is clear: it wants to impose strong and fair laws on all technology companies. This is in order to achieve justice and create competitive opportunities for all companies. The European Union also accused Apple of closing the door to the development of other competitors in the field of electronic payment, such as Google Pay or Samsung Pay. This is done by Apple preventing competitors from using the exclusive NFC technology in iPhones.

As for Apple's position in the face of these charges, Apple pledged to open its electronic payment system. As for its competing companies. Thus, the charges against it will be dropped, and opportunities to compete with other companies will return again. This will also reflect on users, whether by providing more options or lower prices.

What did Apple propose to the European Union to solve the monopoly crisis?

EU laws are clear! It is that if any company violates competition laws, it will be subject to fines of up to 10% of its global annual revenues. This means that Apple will be subject to a fine of up to ten billion dollars. Therefore, it was a wise decision for Apple to propose making some changes in its electronic payment system. These changes will last for at least ten years, and will apply to competing smartphone payment system makers and iOS users in the 27 European Union countries, in addition to countries such as Iceland, Liechtenstein and Norway.

According to Apple's statements, it will satisfy all parties in order to resolve the crisis. Apple's proposal came by giving developers of payment or electronic wallet applications the ability through which they can give their users the option to make contactless payments using NFC technology from within their applications on the iOS system, but separately from Apple Pay or Apple Wallet.

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