Apple hit with EU antitrust charge over mobile payments technology ...

read more The European Commission said on Monday it had sent a charge sheet known as a statement of objections to Apple, detailing how the company had abused its dominant position in markets for mobile wallets on iOS devices.The Commission said Apple's anti-competitive practices dated back to 2015 when Apple Pay was launched."We have indications that Apple restricted third-party access to key technology necessary to develop rival mobile wallet solutions on Apple's devices," EU antitrust chief Margrethe Vestager said in a statement."In our statement of objections, we preliminarily found that Apple may have restricted competition, to the benefit of its own solution Apple Pay," she said.Apple, which could face a fine up to 10% of its global turnover or $36.6 billion based on its revenue last year, though EU penalties rarely reach the cap, said it would continue to engage with the Commission."Apple Pay is only one of many options available to European consumers for making payments, and has ensured equal access to NFC while setting industry-leading standards for privacy and security," the company said in a statement.Apple's Frankfurt-listed shares fell on the news and were down 0.7% at 1216 GMT.Apple Pay is used by more than 2,500 banks in Europe and over 250 fintechs and challenger banks.