Apple agrees to unlock Apple Pay in Europe

Insights from Europe

Stated by Margrethe Vestager, executive vice president overseeing competition regulations, the statement conveys, “Henceforth, rivals can effectively challenge Apple Pay for mobile transactions used with the iPhone in stores.” She added, “As a result, consumers will have a broader selection of secure and inventive mobile wallets to opt for.”

The EC authorities have solidified the agreements. These agreements are to be legally binding for a span of 10 years and are applicable across the EEA region. The European Commission stated, “A monitoring trustee, designated by Apple, will oversee the implementation and report to the Commission throughout the same tenure.”

Should Apple fail to honor its commitments, it could face a penalty of up to 10% of its total annual revenue, without necessitating proof of EU antitrust violations. Additionally, a “periodic penalty” payment of 5% of its daily turnover for each day of non-compliance could be enforced.

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AndyC

Andy Curtis is an award-winning security consultant, researcher and public speaker. He has been working in the computer security industry since the early 1990s, having been employed by state and federal government, leading healthcare and banking providers across three continents. He has given talks about computer security for some of the world’s largest companies, worked with law enforcement agencies on investigations into hacking groups, and is a regular voice on TV and radio explaining IT security threats.

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