European Commission issues objections over Apple Pay control

The EU has sent out a statement of objection over Apple’s monopoly of NFC payment technology and Apple Pay.

The European Union recently said that Apple is denying other companies access to the NFC technology for other contactless payment services on the iPhone. The organization states that the Cupertino-based company is restricting competition within the mobile wallet market and is preventing developers from utilizing the technology. The European Commission concludes that Apple is benefitting from this level of control in the market.

Apple Pay

Apple currently has the statement of objections, and a full investigation is pending after the preliminary view. For the final investigation it’s said that Apple could face fines of around 10 percent of its global turnover if found guilty.

The Wall Street Journal outlines the antitrust law breakage in the EU, but no formal response has been sent yet either to the public nor to the European Union.