The news: Apple is under growing pressure after the European Commission asked retailers for more information regarding its antitrust investigation, according to Bloomberg.
The EU wants to find out whether Apple’s restrictions on accessing its near-field communications (NFC) chip make it harder for rivals to develop their own mobile payment systems.
What this means:
What punishments could Apple face?
Apple’s reach shields it from fallout: Regardless of the probe’s outcome, Apple's strong customer loyalty should ensure its financial services push continues undeterred.
The European Commission may force Apple to open up part of its financial services ecosystem, which could limit the firm’s power. But even if competition increases, the Big Tech firm won’t give up on its drive into payments and banking anytime soon.
This article originally appeared in Insider Intelligence's Payments Innovation Briefing—a daily recap of top stories reshaping the payments industry. Subscribe to have more hard-hitting takeaways delivered to your inbox daily.
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