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Apple Opens iPhone Payment System to Rivals in Europe
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Apple's iPhone payment system, once exclusive, now opens to rivals in Europe. The EU accepted this change to avoid a hefty fine. Apple's move allows third-party wallets access to NFC, a tech for contactless payments.
Margrethe Vestager, EU's competition chief, praised the shift, noting it benefits both competitors and customers. iPhone users can now choose their default wallet, and developers can use iPhone's Face ID for verification.
Apple Pay, once the sole NFC-based mobile wallet, faced antitrust charges for denying access to others. Analysts predict savings from bypassing Apple's fees—0.15% per credit card transaction—could benefit consumers through cashback or loyalty rewards.
Apple must implement these changes across the EU, plus Iceland, Norway, and Liechtenstein, by July 25. The alterations will be monitored for a decade.
This move promises more choice and potential savings for consumers, while allowing banks and companies to build customer loyalty and offer personalized services directly.
| Scores | Value | Explanation |
|---|---|---|
| Objectivity | 6 | Balanced reporting with in-depth analysis. |
| Social Impact | 5 | Significantly influences public opinion. |
| Credibility | 5 | Solid evidence from authoritative sources. |
| Potential | 5 | Almost certain to trigger larger events. |
| Practicality | 4 | Highly practical, directly applicable. |
| Entertainment Value | 2 | Includes a few entertaining elements. |