Thursday, July 11, 2024
20.6 C
Johannesburg

Apple’s Monopoly Crumbles: EU Demands Open Access to Contactless Payments


EU Surrenders to Apple’s Tyranny: Allows Company to Continue Dominating Mobile Payments Market

In a shocking move, the European Union has caved to Apple’s demands, allowing the tech giant to continue its stranglehold on the mobile payments market. The EU’s competition division, led by Commission EVP Margrethe Vestager, has accepted Apple’s commitments to "open up" its NFC technology to rival mobile wallets, but the devil is in the details.

Apple’s "Generous" Offer

Apple has promised to allow rival developers to access its NFC technology, but only through a limited API that will restrict their ability to innovate and compete. The company will also allow users to set a third-party wallet app as their default, but only after they’ve been forced to use Apple Pay for years. And, of course, Apple will continue to control the secure element, which is used to enhance the security of transactions made using Apple Pay.

A License to Monopolize

The EU’s decision is a slap in the face to consumers and a green light for Apple to continue its monopolistic practices. By allowing Apple to control the NFC technology, the EU is effectively giving the company a license to dominate the mobile payments market. This will stifle innovation and prevent new competitors from entering the market, keeping consumers trapped in Apple’s ecosystem.

A Betrayal of the Digital Markets Act

The EU’s decision is also a betrayal of its own Digital Markets Act (DMA), which is intended to promote competition and innovation in digital markets. The DMA requires tech giants like Apple to open up their infrastructure to competitors, but the EU’s decision to accept Apple’s commitments without enforcing the DMA’s requirements is a clear example of regulatory capture.

A 10-Year Get-Out-of-Jail-Free Card

The commitments are binding on Apple for 10 years, which means the company will have a decade to continue its monopolistic practices without fear of reprisal. And if Apple fails to abide by the commitments, the penalties will be too little, too late.

A Victory for Apple, a Loss for Consumers

The EU’s decision is a victory for Apple and a loss for consumers. It will stifle innovation, prevent new competitors from entering the market, and keep consumers trapped in Apple’s ecosystem. The EU’s surrender to Apple’s tyranny is a dark day for competition and innovation in the digital economy.



Source link

Hot this week

Airbrushing Reality: AI Designed Homes That Are Now Abominations

Here is a rewritten version of the content...

Salesforce’s African Bet: A Game-Changer or a Recipe for Disaster?

Here is the rewritten content in a provocative...

West Meets East: A Billion-Dollar Boom in Space Exploration

The European space sector has gone bankrupt, and...

The 5G Elite: A Luxury Few Can Afford

Samsung's Foldable Frenzy: A Pricey Play for the...

UEFA, Instagram, and X: The Triple Threat Ruining Euro 2024’s Soul

The UEFA's War on Fan Culture: A Desperate...

Topics

Airbrushing Reality: AI Designed Homes That Are Now Abominations

Here is a rewritten version of the content...

Salesforce’s African Bet: A Game-Changer or a Recipe for Disaster?

Here is the rewritten content in a provocative...

West Meets East: A Billion-Dollar Boom in Space Exploration

The European space sector has gone bankrupt, and...

The 5G Elite: A Luxury Few Can Afford

Samsung's Foldable Frenzy: A Pricey Play for the...

UEFA, Instagram, and X: The Triple Threat Ruining Euro 2024’s Soul

The UEFA's War on Fan Culture: A Desperate...

Crippling Cyber Insurrection: Sibanye-Stillwater Paralyzed by Devastating Hack

Johannesburg- and New York-listed resources giant Sibanye-Stillwater...

Samsung Pushes Wearables to the Brink of Obsolescence

Here is a rewritten version of the content...

Abandoned Dreams Revived: Biden’s $1.7 Billion Gamble on Electric Future

Biden Admin Announces $1.7 Billion Handout to Corporate...
spot_img

Related Articles

Popular Categories

spot_imgspot_img