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The Dutch competition regulator has opened an investigation into contactless payments on smartphones, arguing that some systems could stifle innovation in the payments market. There’s no named target for the probe, as per the watchdog’s usual procedures, but the release suggests Apple and its iPhones are the focus.
Banks and financial technology companies have long complained that only the Apple Pay digital wallet is allowed to access iPhones’ NFC chips for the purpose of contactless payments. “NFC” refers to near-field communication, the wireless technology that allows people to pay for things by tapping a card or phone on a reader.
This stops rival payments companies from establishing their own lucrative digital wallets in Apple’s ecosystem. The Android ecosystem, by contrast, allows NFC payments with wallets other than its … Read More