- Apple Inc’s (NASDAQ:AAPL) is susceptible to a European Commission antitrust charge over its NFC chip technology, Reuters reports.
- The charge could amount to a hefty fine and force it to open its mobile payment system to rivals.
- The EU officials are working on a so-called statement of objections over Apple Inc’s refusal to allow rivals to use contactless payments on phones, Bloomberg reports.
- The EU narrowed its focus from Apple Pay to just the NFC chip, which Apple Pay can only access. At present, iPhone and Apple Watch users can only make contactless payments using Apple Pay. a
- Banks and other competitors want the same functionality for their own iPhone apps, but Apple refuses access to the chip.
- With three other cases against Apple, the EU can penalize companies up to 10% of their global turnover for violating EU rules, or $27.4 billion based on Apple’s 2020 revenue.
- Price Action: AAPL shares closed higher by 0.63% at $142 on Wednesday.
Apple Vulnerable To EU Antitrust Action – Read Why
Apple Inc’s (NASDAQ:AAPL) is susceptible to a European Commission antitrust charge over its NFC chip technology, Reuters reports. The charge…
