Apple Under Antitrust Allegations in Brussels

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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