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Here's How PayPal Helped Trigger EU Antitrust Allegations Against Apple

Published 03/05/2022, 11:56
Updated 03/05/2022, 12:41
© Reuters. Here's How PayPal Helped Trigger EU Antitrust Allegations Against Apple

  • PayPal (NASDAQ:PYPL) Holdings, Inc (NASDAQ: PYPL) helped provoke a formal antitrust complaint against Apple Inc (NASDAQ: NASDAQ:AAPL) and its iPhone payments system by raising concerns with the European Commission, Bloomberg reports.
  • Tap-to-pay services rely on near-field communications. Apple allegedly only lets its payment system use the iPhone's NFC chip.
  • Apple's act hampered PayPal, Block, Inc's (NYSE: SQ) Cash App, Samsung Electronics (LON:0593xq) Co, Ltd (OTC: SSNLF), and Alphabet (NASDAQ:GOOGL) Inc's (NASDAQ: GOOG) (NASDAQ: GOOGL) Google.
  • European regulators accused Apple of allegedly abusing its influence over mobile payments by reserving the iPhone's tap-to-pay abilities for its own Apple Pay service.
  • In 2022 Apple will begin letting third parties use the iPhone's NFC chip to accept payments but will prohibit consumers with rival services from making payments that way.
  • The commission alleged that it creates an unequal playing field.
  • PayPal, which has its payment service, offers a tap-to-pay option on Android phones and wants to provide the same feature on Apple's iPhone.
  • Apple has defended its approach by saying that Apple Pay rivals, including PayPal, were still popular on the iPhone even without a tap-to-pay option. It also noted that Apple Pay already supports 2,500 banks in Europe.
  • Price Action: PYPL shares traded lower by 0.63% at $90.95 in the premarket on the last check Tuesday.
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

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