PayPal (PYPL) – Get Report and Square (SQ) – Get Report could be among the winners as the EU’s antitrust regulator mulls rules that could end Apple Pay’s monopoly on iPhone tap-to-pay services.
Following reports to the effect, the European Commission says it’s thinking about enacting rules that would give payment services a right of access to “infrastructure” such as the NFC chips placed within smartphones. These chips enable tap-to-pay services such as Apple Pay and Google Pay (formerly known as Android Pay).
The announcement arrives three months after the EC said it’s probing Apple’s (AAPL) – Get Report App Store and Apple Pay policies.
In the case of Apple Pay, the EC said in June that it was concerned about Apple Pay being the only tap-to-pay solution allowed on iOS and iPadOS devices. The agency also said it was probing alleged restrictions on