Brokers With Payment Cards Could Get Their Own iPhone Wallets Under UK Plan
By Damian Chmiel
AI summary of the source article
The UK's Competition and Markets Authority proposed rules requiring Apple to open iPhone contactless payment technology to rival apps at lower fees. The plan would require host-based card emulation, allowing fintechs and brokers to offer tap-to-pay services.
Why it matters
"These proposals open the door to more innovation, more choice and economic growth," according to CMA chief executive Sarah Cardell, while the FCA stated that "opening up this technology will also support the expansion of open banking."
Key facts
- The CMA proposed requiring Apple to offer host-based card emulation (HCE) to UK developers at substantially lower fees.
- The regulator found that Apple's current fees and technical restrictions are blocking UK fintechs from building competing wallets.
- Under the Digital Markets, Competition and Consumers Act 2024, the CMA's consultation on the proposals closes on November 17.
Source excerpt · Finance Magnates
Apple would have to open the iPhone's contactless payment technology to rival UK apps at lower fees, under proposals the Competition and Markets Authority (CMA) published today (Tuesday). The regulator said Apple's fees and access rules are blocking UK fintechs from building competing services. No firm has yet launched a wallet to rival Apple's in the UK, according to the CMA. In the European Unio…