UK Proposes Rules Requiring Apple to Open iPhone Contactless Payments to Rivals

Britain's Competition and Markets Authority has formally proposed regulatory measures requiring Apple to lower access fees and remove technical barriers on its iPhone contactless payment technology. The watchdog is seeking public feedback through November 17 as it aims to let rival payment providers and digital banks compete with Apple Pay. Apple faces potential fines of up to 10% of global annual turnover under the UK's digital competition framework. The regulator highlighted that contactless transactions have jumped from 3% a decade ago to 39% today, with over 60% of UK adults using digital wallets.