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Get the latest economic news from ForexMart, including updates on the financial market, central banks' policy announcements, financial indicators, and other relevant news which can have an impact on the industry.

Disclaimer:  Information provided here to retail and professional clients does not contain and should not be construed as containing investment advice or an investment recommendation or an offer or solicitation to engage in any transaction or strategy in financial instruments. Past performance is not a guarantee or prediction of future performance.

Apple will allow competitors to use NFC

July, 11 2024
watermark Economic news

European antitrust regulators said Thursday that Apple will allow competitors to use its tap-and-go mobile payment technology. This decision ended a four-year investigation, which could result in a significant fine for the iPhone manufacturer.


Apple's decision to settle the EU claims is an unusual step for a company that usually resists scrutiny from the European competition regulator. Apple currently has three investigations under the Digital Markets Act regarding its business practices.


The European Commission, acting as the EU's antitrust regulator, announced that Apple's proposal will be valid for 10 years. In Europe, more than 3 thousand banks and issuers offer the Apple Pay service.


Now competitors will be able to fully compete with Apple Pay for mobile payments via iPhone in stores. Consumers will receive a wide range of secure mobile wallets, said Margrethe Vestager, head of the EU Antimonopoly Authority.


Recall that in March, Apple was fined 1.84 billion euros – the first EU fine imposed on the company for obstructing competition from Spotify and other music streaming services through restrictions on its App Store.


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Risk Warning:
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.
Foreign exchange trading carries a high risk of losing money due to leverage and may not be suitable for all investors. Before deciding to invest your money, you should carefully consider all the features associated with Forex, as well as your investment objectives, level of experience, and risk tolerance.