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UK watchdog moves to break Apple's grip on iPhone contactless payments and force 'substantially lower' fees for rivals

UK watchdog moves to break Apple's grip on iPhone contactless payments and force 'substantially lower' fees for rivals

Competition and Markets Authority chief executive Sarah Cardell says 'high fees, strict terms, and technical restrictions' make it 'too difficult' for challengers to take on Apple Pay. The watchdog wants rival apps given fairer access to the iPhone's NFC chip, which powers contactless payments. Apple insists this would weaken privacy and security for users. A consultation closes on 17 November before a final decision.

Revolut called the move a 'real opportunity' for UK fintechs to take on Big Tech.

EU rules already let PayPal, Klarna and Curve launch rival iPhone wallets.

MoreBBC News - TechUK asks Apple to widen access to its payment techThe TelegraphApple Pay rivals to be allowed on iPhones under crackdownLBCApple should open access to contactless payment systems, says regulatorCity A.M.Apple faces UK crackdown over iPhone contactless paymentsReutersBritain seeks to break Apple's grip on contactless paymentsUA.NEWSUK regulator seeks lower Apple contactless payment access fees - UA.NEWSInvesting.com UKUK regulator proposes lower Apple Pay fees, easier access - Investing.com UK
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