UK regulators propose rules to lower Apple Pay fees and allow rivals
The UK Competition and Markets Authority is proposing new regulations that could reduce Apple's transaction fees and open contactless payment options to other companies.
Regulators target high access fees
The Competition and Markets Authority states that current fees block fintech businesses from growing in the UK. Officials believe these costs prevent innovation compared to the European Union market where alternatives already exist. The regulator argues that Apple's pricing structure restricts competition for consumers using contactless technology on iPhones.
Proposed changes to security rules
New proposals would require third-party payment firms to use different encryption methods than Apple's Secure Element. This condition currently forces rival companies to rely on Apple's own system for encrypting card data during transactions. The government website notes that removing this restriction could help more businesses enter the market.
Goal of fostering competition
The authority expects lower access fees to make it commercially viable for additional companies to compete. These changes aim to give consumers more choices beyond Apple's existing tap-to-pay system. No rival payment services currently operate in the UK under these specific conditions.
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