EU opens iPhone NFC: first providers want to displace Apple Pay
iPhone users will soon be able to switch between wallets for the first time. Apple may have to open up even more to payment services.
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Payment and banking services are preparing for the expected opening of the iPhone NFC interface in the European Economic Area. The provider Curve wants to launch its own wallet as soon as Apple has finalized the technical details, a spokesperson for the British financial services provider told the Times. The Norwegian payment app Vipps is also ready to compete as an Apple Wallet alternative.
Contactless payments so far only via Apple Pay
Even before the deadline of the Digital Markets Act, Apple announced in January that it would stop nailing down the NFC interface- at least within the European Economic Area. The move is intended to dispel accusations of distortion of competition. Until now, only Apple Pay and Apple Wallet have been allowed to access the smartphone's wireless interface to enable contactless payment in stores, for example. Apple earns money from every transaction.
The upcoming alternatives for Apple Wallet would ultimately save banks "millions of euros", according to Curve. It remains to be seen what concrete benefits end users will ultimately gain from this. Curve offers a credit card that can be used to store other credit and debit cards as a means of payment via the app and can therefore be changed flexibly - this should also be possible after a purchase. As with more and more payment service providers, there are also later payment options.
ECB calls for more far-reaching opening by Apple
It is still unclear where the EU and Apple disagree on the opening of the NFC interface. The European Central Bank (ECB) surprisingly intervened in the case in April and criticized Apple's planned implementation, saying that it falls short and does not ensure a true level playing field. For the digital euro, it must also be possible to access the iPhone's "secure element". The special chip ensures that Apple Pay payments can be processed securely via industry-standard Java Card applets. Other providers are also likely to be interested in replacing the Apple Wallet – including PayPal and, in the future, the pan-European payment system Wero, which is about to be launched.
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