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Another antitrust tug-of-war kicks off The European Union accuses Apple of abusing Apple Pay's dominance

via:凤凰网     time:2022/5/3 9:03:09     readed:181

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Financial Associated Press, May 3 (Editor Shi Zhengcheng)On Monday, local time, the Official Website of the European Commission issued a statement saying that apple pay of Apple was initially determined to be suspected of abusing its dominant market position to gain a competitive advantage in its own business.

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The European Commission said it had issued a Statement of Objections to Apple saying it had limited competition in the mobile wallet market in iOS by restricting apps from accessing contactless payment standard technology (NFC).

Vestager, head of the EU's antitrust affairs, said in a statement that we have indications that Apple is restricting third-party access to key technologies necessary to develop mobile wallet solutions on Apple devices.

Although there is a "preliminary determination" in the wording, today's statement is more of a formal step by the EU in a series of procedures to accuse Apple Pay of monopoly. Apple will have the opportunity to organize a formal response, and even if the EU cannot be persuaded to drop the charges, subsequent hearings and legal proceedings can last for a long time.

For example, the European Union punished Apple in 2016 for paying 13 billion euros in taxes, and the lawsuit has not ended today, and Apple has even obtained a favorable ruling from the European Court of Justice in the process.

There is no single antitrust dispute

Like U.S. internet giants like Google, the EU's antitrust investigation into Apple isn't alone. In addition to Apple Pay, the European Union also accused Apple Music last year of allegedly abusing its dominant market position to hinder competition.

According to the law, if it is found to constitute a monopoly, the EU will have the right to impose a fine of up to 10% of the company's annual revenue, which is equivalent to $36 billion for Apple. But it's clear that such a staggering number is unlikely to be given in practice, and Apple's lawsuit also has room to significantly reduce fines.

According to media reports, in response to the EU investigation involving Apple Pay, Apple responded that the company designed Apple Pay to provide consumers with a secure and convenient contactless payment service using existing bank cards. Apple Pay is just one of the many payment options available to European consumers, setting industry-leading standards for privacy and security while ensuring equal use of NFC by different types of financial institutions.

Apple's simultaneous "pointing out" of Apple Pay may upset some of Europe's biggest banks. Because the company has access to 2,500 banks in Europe, in addition to large financial institutions, many small fintech companies and challenger banks have equal access to Apple Pay.

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