The European Union’s Antitrust office has flung a new charge against iPhone maker Apple Inc. (AAPL), alleging it of using anti-competitive practices for its mobile payments systems on iOS devices.
The accusation called the statement of objections contends that Apple prohibits competitors from using its NFC chip technology, which is a prerequisite to building other mobile wallet solutions on Apple’s devices. The European Commission has also warned of a massive fine should the technology giant continue to engage in such practices.
It is rightly said that ‘old habits die hard,’ and this isn’t the first time that Apple has been alleged of using its dominance to thwart competition.
Despite posting record second-quarter results and smashing estimates, the company has warned of a slowdown in third-quarter revenue owing to supply chain issues, chip shortages, and the ongoing geopolitical tensions. Its shares are down 13.3% year-to-date, owing to the broader tech sell-off.
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