Simon Taylor’s Post

🚨 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 

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

Apple Pay has amassed about 45 million users in the U.S. and over 500 million globally. But, with the DOJ's potential antitrust lawsuit against Apple, there's a huge opportunity on the horizon. This investigation could level the playing field by allowing banks to offer their own mobile wallets on iPhones, directly competing with Apple Pay. With 124 million iPhone users in the U.S., the potential is significant! The time to strategize is now. How will your bank innovate and capture this potentially untapped market? #digitalbanking #mobilepayments #paymentsinnovation #fintech #applepay https://lnkd.in/d-3zrjBW 

🚀 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

Top of Wallet (tug-of-war), Apple offers to open up NFC payments to head off European Commission antitrust charges. ONLY a matter of time for US as a judge recently told the company that it must face an antitrust class-action lawsuit from card issuers on the issue, while the CFPB has also fired a shot across Apple's bows. ✔️ Apple would create the necessary APIs to allow equivalent access to the NFC components ✔️ the agreement, which would run for 10 years ✔️ also promising to allow the defaulting of preferred payment apps, access to authentication features such as FaceID #buynowpaylater #bnpl #equipifi #startup #fintech #innovation #digitalpayments #installmentloans #banks #creditunions #communitybank #microfinance #applepaylater #affirm #klarna #afterpay #paypal #googlepay #zilch #splitit #goldmansachs https://lnkd.in/e53f2zuV Finextra | Jan 19th 2024

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

The Department of Justice's lawsuit against Apple for antitrust violations has significant implications for Fintech. The suit alleges that Apple is engaging in anti-competitive behavior by suppressing super apps, cloud streaming services, and non-Apple digital wallets, among other practices. Specifically in Fintech, Apple's restrictions on tap-to-pay, alternative wallet storage, and in-app purchases from third-party wallets are under scrutiny, potentially disrupting the industry landscape. This legal battle represents a landmark moment for Fintech akin to the Visa/Plaid acquisition. While the resolution may not come swiftly, Apple's litigious history and its pivotal role in the tech ecosystem make this case particularly impactful. The outcome could lead to increased competition and regulatory changes, potentially ushering in new opportunities for innovation in Fintech, such as side-loading apps and third-party tap-to-pay systems, similar to those already in place in Europe and Asia.

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

🚨 𝙉𝙚𝙬𝙨 𝙁𝙡𝙖𝙨𝙝: Apple's Antitrust Pledge Unveiled in Europe! 🚨 Apple has been under investigation for unfairly favouring its own mobile payment tech and limiting competition 🆚. The European Union's antitrust probe into Apple Pay has prompted some groundbreaking commitments from the tech giant. But what exactly are they offering❓ As Apple embraces embedded finance, these commitments include: ➊ Granting third-party mobile wallet providers access to NFC functionality on iOS devices, free of charge, through a set of APIs. ↳ This move allows for innovative payment options without the dependency on Apple Pay or Apple Wallet technologies. ↳ This move aims to level the playing field and foster innovation in the industry. ➋ While Apple will maintain control over its secure element chip, it has offered "equivalent access" to NFC components through a secure mode called Host Card Emulation (HCE). ↳ This ensures secure payment transactions without relying on in-device secure elements. ↳ Apple's commitments extend to all third-party mobile wallet app developers in the European Economic Area, providing fair and transparent eligibility criteria for NFC access. ➌ In addition, Apple pledges additional features. ↳ These include default payment app options and access to authentication features like FaceID. ↳ It has also committed to applying “fair, objective, transparent, and non-discriminatory” eligibility criteria to grant NFC access to third parties — which will have to conclude an ADP license agreement to gain access. 📔 Our comprehensive report on "𝗔𝗽𝗽𝗹𝗲'𝘀 𝗘𝗺𝗯𝗲𝗱𝗱𝗲𝗱 𝗙𝗶𝗻𝗮𝗻𝗰𝗲 𝗣𝗹𝗮𝘆𝗯𝗼𝗼𝗸" sheds light on its strategy, product evolution, monetisation, and more. By combining these insights with Apple's recent commitments, we gain a deeper understanding of their vision and the potential impact on the financial services landscape. Gain unparalleled insights into the tech giant's vision and the ripple effects on the financial services industry by accessing the report here 👉: https://lnkd.in/d_xVSzx7 ______________________________ Double your knowledge by sharing, not gatekeeping 😉 [ 𝗿𝗲𝗽𝗼𝘀𝘁 ] Have insights to share or questions to ask? [ 𝗰𝗼𝗺𝗺𝗲𝗻𝘁 ] Excited for more insights? Stay connected! [ 𝗳𝗼𝗹𝗹𝗼𝘄 ] #fintech #fintechnews #apple #nfctechnology #embeddedfinance #Europe

Apple Pay Flow and Model: How the #ApplePaySystem Works Did you know that Apple Pay is now the second most popular global digital payment system, processing over $6 trillion in transactions, trailing only behind Visa? 💰💼 Linas Beliūnas Belinas highlights how Apple's strategic moves in the financial sector, including the impressive $10 billion in Apple Card deposits and innovations like Apple Pay Later and mPOS, position the tech giant to disrupt traditional banking. 🚀 Here are some key stats to ponder: ✔️Apple Pay made its debut in the US on September 9, 2014. ✔️A whopping 507 million users worldwide trust Apple Pay. ✔️In the US, it's second only to the UK in terms of adoption. ✔️Over 85% of US retailers now embrace the convenience of Apple Pay. While contactless payments are gaining momentum slowly, Apple Pay stands out as the top choice. In 2022, contactless transactions accounted for just 6% of debit card transactions, whereas Apple Pay dominated mobile wallet transaction volume at 88% in 2021. 📈📊 Apple Pay's secret sauce? ➡ Unmatched security It uses tokenization to generate a unique Device Account Number (DAN) for every card in your Wallet app, stored securely in the Secure Element (SE) on your Apple device. These DANs are device-specific, providing a robust layer of identity security. 🔐💼 During transactions, DANs and dynamic security codes (cryptograms) are transmitted via NFC, making it incredibly challenging for fraudsters to replicate, ensuring your financial safety. 🛡️💳 THE BIG BENEFIT: if your Apple device ever goes missing, you can remotely disable payments through Find My iPhone. 📴🔒 Merchants also never see your data, and Apple doesn't store your card numbers, making theft or fraud nearly impossible. The Apple Pay bottom line to security 👉 it doesn't share your data and is committed to keeping transaction information private between you, vendors, and banks to maintain consumer trust. But what do you think #fintechs - is there something Apple Pay is missing in their business model? Let me know your #finsights🎤 #ApplePay #DigitalPayments #FinancialServices