UK regulator proposes requiring Apple to open iPhone NFC payments and significantly cut fees

On October 21, citing Engadget, the UK Competition and Markets Authority (CMA) has issued a proposal requiring Apple to open access to iPhone NFC contactless payments and to "significantly reduce" related fees. The CMA said Apple's fees and rules are hindering innovation and development among UK fintech companies. Currently, 39% of payments in the UK are made contactlessly, with Apple Wallet used the most. Unlike the EU, no company in the UK has yet launched a wallet product competing with Apple. The CMA proposes that Apple open Wallet access to mainstream international contactless standards, with the CMA setting fee principles rather than directly setting prices. Apple has expressed opposition, saying it should not be required to adopt solutions with weaker privacy and security protections. The consultation period ends on November 17.