Here's How PayPal Helped Trigger EU Antitrust Allegations Against Apple

PayPal Holdings, Inc PYPL helped provoke a formal antitrust complaint against Apple Inc AAPL and its iPhone payments system by raising concerns with the European Commission, Bloomberg reports.
Tap-to-pay services rely on near-field communications. Apple allegedly only lets its payment system use the iPhone's NFC chip.
Apple's act hampered PayPal, Block, Inc's SQ Cash App, Samsung Electronics Co, Ltd SSNLF, and Alphabet Inc's GOOG GOOGL Google.
European regulators accused Apple of allegedly abusing its influence over mobile payments by reserving the iPhone's tap-to-pay abilities for its own Apple Pay service.
In 2022 Apple will begin letting third parties use the iPhone's NFC chip to accept payments but will prohibit consumers with rival services from making payments that way.
The commission alleged that it creates an unequal playing field.
PayPal, which has its payment service, offers a tap-to-pay option on Android phones and wants to provide the same feature on Apple's iPhone.
Apple has defended its approach by saying that Apple Pay rivals, including PayPal, were still popular on the iPhone even without a tap-to-pay option. It also noted that Apple Pay already supports 2,500 banks in Europe.
Price Action: PYPL shares traded lower by 0.63% at $90.95 in the premarket on the last check Tuesday.