- Brussels regulators have accused Apple Inc AAPL of abusing its dominant position in mobile payments to limit rivals’ access to contactless technology.
- Apple could face a fine of up to 10% of its global turnover or $36.6 billion based on its 2021 revenue for the alleged breach of EU competition law.
- Also Read: Apple To Face EU Antitrust Music Based On Spotify Complaint This Week: Report
- Antitrust investigators saw Apple preventing competitors from accessing “tap and go” chips or near-field communication (NFC) to benefit its own Apple Pay system.
- Brussels had “indications that Apple restricted third-party access to key technology necessary to develop rival mobile wallet solutions on Apple’s devices.”
- Brussels “preliminarily found that Apple may have restricted competition, to the benefit of its own solution Apple Pay.”
- Price Action: AAPL shares traded lower by 1.46% at $155.35 on the last check Monday.
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