Tag: apple pay

Apple Offer to Open Up NFC-Based Tap-and-Go Technology Said to Be on Track for EU Approval by May

Apple’s offer to open its tap-and-go mobile payments system to rivals is set to be approved by EU antitrust regulators as soon as next month after it tweaked some of the terms, people familiar with the matter said.

Apple’s bid to settle the four-year investigation would help it dodge a finding of wrongdoing and stave off a potential hefty fine that could be as much as 10% of its global annual turnover.

Apple’s tap-and-go technology called near-field communication, or NFC, allows for contactless payments with mobile wallets.

The European Commission two years ago accused Apple of thwarting competition for its Apple Pay mobile wallet by preventing rival mobile wallets app developers from accessing its tap-and-go technology.

The U.S. tech giant in January offered to let rivals access its NFC on its iPhones, iPads and other Apple mobile devices free of charge without having to use Apple Pay or Apple Wallet, with access based on fair and non-discriminatory criteria.

It also offered to provide additional functionalities including defaulting of preferred payment apps, access to authentication features such as FaceID and a suppression mechanism, and also to set up a dispute settlement mechanism.

Apple was asked to tweak some of the terms following feedback from rivals and customers. The NFC proposal would be for 10 years.

The Commission aims to accept the offer by the summer, with May as the likeliest month although the timing could still change as it waits for Apple to work out the final technical details, the people familiar with the matter said.

The company was hit with a 1.84 billion-euro ($2 billion) fine, its first EU antitrust penalty, last month for thwarting competition from Spotify and other music streaming rivals via restrictions on its App Store.

© Thomson Reuters 2024

(This story has not been edited by NDTV staff and is auto-generated from a syndicated feed.)

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Apple Fined by Russia Court for Not Deleting Allegedly Inaccurate Content

A Moscow court fined Apple RUB 400,000 (nearly Rs. 3.5 lakh) on Thursday for not deleting “inaccurate” content about what Russia calls a “special military operation” in Ukraine, Russian news agencies reported. 

The TASS news agency said it was the first time Apple had been fined for that offence. 

Apple did not immediately respond to an emailed request for comment. The company paused all product sales in Russia shortly after Moscow sent tens of thousands of troops into Ukraine in February 2022, and limited its Apple Pay service in Russia.

Moscow has clashed with Big Tech for years over content, censorship, data and local representation in disputes that escalated after Russia sent its armed forces into Ukraine.

Apple paid a RUB 906 million (nearly Rs. 80 crore) fine in a Russian antitrust case alleging abuse of its dominance in the mobile apps market, Russia’s Federal Antimonopoly Service (FAS) said in February. 

Apple, which did not comment then, had previously appealed and “respectfully disagreed” with a FAS ruling that Apple’s distribution of apps through its iOS operating system gave its own products a competitive advantage.

The same court later said it had fined the Wikimedia Foundation, which owns Wikipedia, RUB 3 million (nearly Rs. 26 lakh) for the same offence. 

Wikimedia has been fined several times and has previously said information that Russian authorities complained about was well-sourced and in line with Wikipedia standards.

In June, a Russian court fined Alphabet‘s Google RUB 4 billion (roughly Rs. 380 crore) for failing to pay an earlier fine over alleged abuse of its dominant position in the video hosting market, the country’s anti-monopoly watchdog said.

© Thomson Reuters 2023

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Seven Mega Banks to Team Up on Digital Wallet, Compete With Apple Pay, PayPal: Report

Bank of America, JP Morgan, and Wells Fargo could be among seven mega global banks that could soon team up to launch a digital wallet now that digital assets have begun to see adoption in different parts of the world. The aim behind this potential initiative is to compete with other payments platforms like Apple Pay and PayPal. Wells Fargo, Truist, Capital One, PNC Bank, and the US Bank are amongst other lenders that are reportedly lined up to join this project.

All of the named banks, collectively own a digital payments network called Zelle. As per a report by Bitcoin.com, the digital wallet will operate separately from Zelle.

Zelle in itself, is managed by the fintech firm Early Warning System (EWS) that offers risk management solutions to financial firms. EWS will also be tasked with the responsibility to manage the digital wallet, once it launches.

The banks involved in this project are looking to prevent losing customers, who are accustomed to using instant online payment services and digital wallets.

Last year, a report quoting figures from Juniper Research had estimated that the number of people using digital wallet services around the world would surpass the mark of 5.2 million by 2026.

Competitors in the sector like Apple Pay, crypto-friendly PayPal, and Google Pay have already established themselves in recent years.

As for now, it remains unclear if this unnamed digital wallet will support cryptocurrencies and other virtual digital assets.

Clarity on the subject is expected in the months to come. The wallet could be rolled out between July and December 2023, the Bitcoin.com report noted.

Mastercard and Visa, both of which have been taking several pro-crypto steps in recent times, will also reportedly be part of the project.

The already involved participants have also reportedly been trying to onboard other fintech firms to collaborate and add their respective cards to this wallet.

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EU Investigators Said to Speed Up Case Against Apple With New Charges

EU antitrust regulators are set to beef up an investigation into Apple, triggered by Spotify, with new evidence but not new charges, in the hope of speeding up the case, people familiar with the matter said.

The European Commission last year told the iPhone maker that its App Store rules, which require developers to use its own in-app payment system and also prevent them from informing users of other purchasing options, distorts competition in the music streaming market.

Apple found itself in the European Commission’s crosshairs after Spotify had complained that the US tech company unfairly restricted rivals to its own music streaming service Apple Music on iPhones.

The EU competition enforcer set out its charges in a so-called statement of objections or charge sheet.
The watchdog subsequently considered sending a supplementary statement of objections, a person familiar with the matter told Reuters earlier this year.

Such documents usually lay out new charges or changes to the original charges.

The Commission is now expected to send a letter of facts to Apple instead, other people familiar with the matter said, adding that there was no final decision yet.

A letter of fact typically contains new evidence reinforcing the original charges against companies which can then counter with a written submission.

The Commission declined to comment.

Apple, which risks a fine as much as 10 percent of its global turnover if found guilty of breaching EU antitrust rules, did not respond to emailed requests and phone calls for comment.

The company was hit with another EU antitrust charge in May related to its mobile payment system Apple Pay.

The alleged practices in both cases will be illegal under new EU tech rules known as the Digital Markets Act that will come into force next year with penalties as high as 10 percent of a company’s global turnover.

© Thomson Reuters 2022

 

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Shopify Collaborates With Twitter to Help Merchants With Online Sale, Unveils 100 New Tools

Shopify has launched new tools to help its merchants sell to other businesses and on Twitter, as the Canadian tech giant attempts to shore up sales to counter a post-pandemic slowdown in online shopping.

More than a 100 new tools were unveiled on Wednesday, including ones to support its plans to push into business-to-business, for shoppers to connect their crypto wallets to a store and Apple‘s “Tap to Pay” feature on iPhones.

Shopify, which helps businesses set up their online stores, hit the jackpot during lockdowns as global brands and mom-and-pop stores alike turned to selling online directly to consumers while their shops were shut.

With the economy reopening, however, investors are starting to question Shopify’s future, sending the company’s stock down 76 percent this year and erasing a big chunk of its pandemic gains.

Shopify’s answer to the slowdown is expanding into the wholesale market, a far bigger avenue than direct-to-consumer and with “billions in untapped revenue”, according to President Harley Finkelstein.

Businesses are looking to move from direct-to-consumer to “connect-to-consumer”, which makes it easier for people to shop through social media platforms and pay using their phones, Finkelstein said in an interview.

“This is the next phase of retail… In many ways, shopping has become a vote with your wallet to support that brand… And that’s what I think connect-to-consumer is all about,” he said.

The post-pandemic world has thrown up challenges for Amazon as well, Shopify’s biggest rival, as it fields massive losses after building more warehouses than needed during the boom.

In a podcast earlier this month, long-time Shopify investor Mawer Investment Management’s Vijay Viswanathan said it was exiting the stock on concerns of slowing growth and competition. “The internet is getting crowded… It became harder and harder to justify the valuation.”

© Thomson Reuters 2022

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Apple Being Sued by Russian Law Firm for Withdrawing Payment Service From Country

A Russian law firm on Friday said it had filed a lawsuit against US tech giant Apple seeking RUB 90 million (roughly Rs. 9.7 crore) in damages for consumers affected by Apple withdrawing its payment service from Russia.

Apple did not immediately respond to a request for comment.

Law firm Chernyshov, Lukoyanov & Partners said Apple had violated Russian consumers’ rights after the company restricted the use of its built-in Apple Pay service on March 1 in response to Moscow sending troops into Ukraine.

The lawsuit, which it said had been filed with a Moscow court, is seeking RUB 90 million (roughly Rs. 9.7 crore) in damages, which it said included compensation for “moral damage” caused to citizens.

It also wants Apple to resume operation of Apple Pay services for Russian users.

The total figure could rise as the law firm is still inviting more claimants to join the suit.

Senior Partner Konstantin Lukoyanov said Apple’s main US company had made the decision to suspend sales of Apple products and restrict services offered in Russia.

“Therefore, our lawsuit’s claims are directed firstly at the parent company and secondly at its subsidiary units,” he said in a statement.

The law firm said Apple’s decision to halt Apple Pay services in Russia had reduced the functionality of its devices sold on the local market, thereby lowering their value, actions it said were unfair and discriminatory under Russian law.

The same law firm is pursuing a similar lawsuit against streaming company Netflix, which in March suspended its service in Russia.

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