Simon Taylor’s Post

The Apple Wallet payment dominance could be coming to an end after a commitment between Apple and the EU. This will reshape payments 👇 The EU Commission on Antitrust announced Apple has committed to allowing third-party mobile wallet and service providers access to the NFC chips on iPhones via an API. The ruling applies to users and devices in Europe but must not restrict access to payments for those users anywhere in the world. 🧠 Now, any bank or Fintech wallet can make a card appear in their app without going via the Apple Wallet. The Apple Wallet was a phenomenal ecosystem lock-in, but fundamentally, payments in-store are a standard. You can bet Venmo, CashApp or Neobanks will make virtual cards available directly if it benefits their unit economics or allows them to deliver new features. 🧠 This EU ruling will likely impact Apple globally. GDPR became the world's data privacy template, meaning everyone has cookie consent forms. If Apple creates an API for developers to load cards into wallet apps, you can bet it will be in an iOS release and not geographically restricted. 🧠 The DoJ doesn't need to bother with antitrust; the EU is doing it for them. The EU has insisted Apple now has to enable side-loading of apps, support USB-C, and make its messaging service iMessage compatible with Android for multimedia (like photos). 🧠 Whenever a large company claims something isn't secure, that's often a headline excuse. You can always make something secure by locking it down, but that's not an option when it's a utility like payments. Apple is paranoid about security, a big part of its brand. Yes, being open and secure is harder, but that's also your job. I wrote about Apple's current position in Fintech at length a few weeks ago in "Apple will be a bank in all but name" - Find it on fintechbrainfood .com #fintech #payments #apple #regulation #regtech

🚨 𝗡𝗲𝘄𝘀 𝗙𝗹𝗮𝘀𝗵: Apple, Visa, and Mastercard are all facing a class-action lawsuit. Apple, Visa and Mastercard have been hit with a new proposed class action that accuses them of conspiring to thwart competition for point-of-sale payment card network services, causing merchants to pay artificially higher fees for credit and debit transactions. In a complaint filed in East St. Louis, Illinois, federal court, beverage retailer Mirage Wine & Spirits said Apple struck unlawful agreements with Visa and Mastercard to refrain from competing with the two credit card companies. Visa and Mastercard in exchange paid Apple a portion of transaction fees for purchases made on their networks by consumers using Apple’s Mobile Wallet service, according to the lawsuit. The complaint said Visa and Mastercard had paid Apple what amounted to a “very large and ongoing cash bribe” of hundreds of millions of dollars a year. Unlike Apple's iPhones, Google's Android-based devices allow third-party mobile wallets, the lawsuit said. Apple faces an array of legal actions over payments in the United States and Europe. Source: https://lnkd.in/etWGDGQs Find this helpful? [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Anything to add about this subject? [ 𝗶𝗻𝘃𝗶𝘁𝗲𝗱 𝘁𝗼 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Nice story, Marcel. Next! [ 𝗹𝗶𝗸𝗲 ] #payments #paytech #applepay #mastercard #visa #apple #fintech #fintechindustry #fintechnews 

Apple has taken a significant step towards a more inclusive digital payment landscape by allowing access to third-party mobile wallet and payment services in Europe. This strategic move comes as a response to EU pressures and competition concerns. With this development, Apple aims to address the concerns of the digital payment industry and foster a more competitive environment. #applepay #euregulation #digitalpayments

From 'top-of-wallet' to...'top-of-phone'? As recently as last month I had a conversation with a client around what it would take to launch a pass-through digital wallet to compete with Apple Pay. At the time I said that due to Apple's monopoly on iOS NFC, the experiential battle is essentially unwinnable for third parties - and that competition, if possible, would need to be compelling on other grounds. Now it looks like that equation is going to change. Apple opening up iOS NFC to third party wallets might make a few fintechs - and retailers - sit up. There's a long way to go though, not least the primacy Apple still has through its ownership of the 'double-click to pay', Apple Watch and more. This is a declaration of regulatory intent, though - the playing field will be leveled. When it is, will Apple still win on superior UX alone? Or will it need to compete on other grounds? If so, what will that look like? #fintech #payments #apple #wallets

🚀 Exciting turnaround in the world of Mobile Payments! 📱💳 According to Reuters, Apple "has offered" access to its tap-and-go mobile payments systems. Seems more as a move to settle the ongoing antitrust case and avoid hefty fines, rather that generosity of Apple, but it's still a big news. The European Commission had previously charged Apple with restricting competitors' access to its Near-Field Communication (NFC) technology, hindering the development of alternative services on Apple devices. This move was perceived as favoring Apple Pay and leveraging the company's significant market power in the smart mobile devices and mobile wallet sectors. This marks a pivotal moment in the mobile payments and the industry is eagerly anticipating the outcome. Could PayPal be the biggest beneficiary of the move and finally allow them to penetrate the world of physical payments? 🌐 Read the full article by Foo Yun Chee: https://lnkd.in/db74Seaj I am looking forward for the updates as the situation unfolds! 🌟 #TechNews #Apple #EUAntitrust #MobilePayments #Innovation