Apple set to face EU regulators over mobile wallet technology
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Apple (NASDAQ:AAPL) will next week reportedly attempt to convince European Union regulators that it doesn't deliberately prevent its rivals from getting access to its mobile wallet technology.
Apple (AAPL) will attend a hearing on February 14 with officials from the European Commission at the EU headquarters in Brussels where it will argue that it doesn't engage in anti-competitive practices with regards to its Apple Pay service, which the company introduced in 2025. According to a report from Reuters, people close to the matter said Apple (AAPL) could face a set of large fines if it's determined that the company violated EU anti-competition rules.
Reuters said that Apple (AAPL) has claimed that Apple Pay is one of multiple options that European customers can use for mobile wallet payments, and that it has provided equal access to its rivals for its tap-and-go technology.
Apple (AAPL) could face a penalty of 10% of its global turnover if it is found to have violated the EU antitrust regulations.
On Thursday, Bank of America analyst Wamsi Mohan said that recent research data suggests that Apple (AAPL) is likely to see "muted" growth from its App Store this year.