Apple Pay has been a convenient payment method for Apple device users. Its success is due to the large Apple user base and Apple’s anti-competitive behavior. Apple prevented competing Payment Service Providers (PSPs) from accessing NFC chips on Apple devices for contactless payments. This forced PSPs to create mobile wallet applications without contactless payments, or they refrained from creating an iOS application. The use of NFC chips in Apple devices is now open to PSPs in the EU due to the Digital Markets Act (DMA). This legislation ensures that Apple can no longer be a gatekeeper for contactless payments on their devices. PSP IT leaders and app developers should take advantage of this change and roll out contactless payments for their mobile wallet applications.
The Benefit Of Competition
Like other Apple applications, Apple Pay was built from the ground up to work with the …