UK Plans to Require Apple, Google to Open In-App Payment Steering and iOS Wallet

CoinFeed June 30 news, according to Reuters, the UK Competition and Markets Authority (CMA) proposed new rules, intending to allow app developers to steer users to off-platform payment methods within Apple App Store and Google Play, and requiring that the 'steering fee' charged by the two companies must be cost- and value-based and lower than the current commission of up to 30%. The CMA also considers forcing Apple to open iPhone Near Field Communication (NFC) access, enabling UK fintech companies to offer wallet services on iOS that replace Apple Wallet, including direct account-linked payments and future digital currency solutions. The proposal is based on the UK's new digital markets framework, and CMA expects to decide later this year whether to impose formal obligations on Apple and Google.