Coming soon to an iPhone near you: Apple Pay alternatives
After years of pressure from regulators, Apple will finally allow developers in the US, Australia, Brazil, Canada, Japan, New Zealand, and the UK to use its near-field communications chip to create alternatives to Apple Pay with the upcoming iOS 18.1 update.
That’s great news for payments competitors as well as consumers, who will be able to set third-party payment apps as their default. It’s less good news for Apple, which makes money off of its Apple pay transactions.
The iPhone maker will still collect “associated fees” from developers to use the chip. Apple doesn’t break out Apple Pay revenue, but its overall services revenue reached a record $24.2 billion last quarter, up 14% from the year before.
Presumably the move will help them calm regulatory scrutiny that rivals like Google are currently facing.
The iPhone maker will still collect “associated fees” from developers to use the chip. Apple doesn’t break out Apple Pay revenue, but its overall services revenue reached a record $24.2 billion last quarter, up 14% from the year before.
Presumably the move will help them calm regulatory scrutiny that rivals like Google are currently facing.
