Print Magazine
Brussels Morning Newspaper
Friday, June 24, 2022
No Result
View All Result
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
  • Home
    • About Us
  • EU institutions
    • Commission
    • Parliament
    • Council
  • Europe
  • World
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • The American Angle
    • Europe With Transparency
    • Sustainable Perspective
    • Place de la Bourse
    • The Macro-Economist
    • Southeast Europe
Brussels Morning Newspaper
No Result
View All Result
Home Economy

French antitrust watchdog turns its eye on digital payments

Ivan Fischer by Ivan Fischer
24 May 2021
in Economy
French antitrust watchdog turns its eye on digital payments
Share on FacebookShare on Twitter

Brussels (Brussels Morning) The French antitrust watchdog warned on Thursday that digital payment services developed by tech giants such as Apple and Google have the potential to enhance and entrench their market power by providing them with even greater sway over consumer data, Reuters reported.

The warning comes as part of an opinion formulated after a one-year inquiry into new payment technologies, and offers an insight into the French watchdog body’s official position vis a vis a number of financial technology services that have come under its scrutiny because of the recent proliferation of smartphone banking applications.

Comparative advantage

Compared to apps such as Britain’s Revolut or German N26, the French watchdog notes that Apple, Google and Amazon enjoy significant comparative advantage with their respective digital payment services, primarily due to the large number of people already using their platforms, and the amount of personal data these platforms have acquired about their users.

These advantages, the opinion states, enable the tech giants to better evaluate their users’ financial health and thus adapt their offers using a range of different approaches, among them, their ability to estimate the maximum price a user would be willing to pay for a product or a service.

An added problem is the increasing use of Near Field Communication (NFC) technology, which can be used for digital payments on smartphones. NFC can shut out competitors, allowing smartphone makers or operating system developers to deny access to a competitor’s applications.

Blocking competitors

Apple’s Apple Pay, for instance, is only available on iPhones, and is the only app allowed to use NFC for payments on these phones. Android developer Google could, in theory, likewise block competitors’ apps from using NFC on phones running its operating system.

Apple is currently under scrutiny by the EU antitrust watchdogs over its App Store, which competitors claim unfairly limits access to its platform to developers that offer similar services. Apple, the complainants say, charges them an excessive 30% fees for offering their apps on its platform.

Latest post

Flags,Of,Moldova,European,Union,And,Ukraine

Supporting Moldova means supporting stability in Ukraine

8 hours ago
Brussels,,Belgium.,7th,June,2018.,Press,Point,By,Eu,Commissioner

EC welcomes agreement on new health rules

13 hours ago

Most Read

  • These are the 10 highest paying jobs in the Europe in 2022

    These are the 10 highest paying jobs in the Europe in 2022

    0 shares
    Share 0 Tweet 0
  • What Are The Highest Paying Jobs In Luxembourg?

    0 shares
    Share 0 Tweet 0
  • Energy Recovery Fund

    0 shares
    Share 0 Tweet 0
  • From a European Status of the Artist towards a European Strategy for Culture

    0 shares
    Share 0 Tweet 0
  • Freedom of the Press?Greece in the Autocratic Vortex of the Mitsotakis Administration

    0 shares
    Share 0 Tweet 0
Facebook Twitter Youtube LinkedIn

About Us

Brussels Morning is a daily online newspaper based in Belgium. BM publishes unique and independent coverage on international and European affairs. With a Europe-wide perspective, BM covers policies and politics of the EU, significant Member State developments, and looks at the international agenda with a European perspective.

Category

  • Ambassador’s Corner
  • Belgium News
  • Brussels
  • Commission
  • Council
  • Culture and Society
  • Diplomacy
  • Economy
  • EU Institutions
  • Europe
  • Europe With Transparency
  • Features
  • In Depth
  • Member States
  • Middle East Eye
  • Opinion
  • Our pick
  • Parliament
  • Place de la Bourse
  • Southeast Europe
  • Sustainable Perspective
  • The American Angle
  • The Macro-Economist
  • Uncategorised
  • US Elections
  • World

More info

  • About Us
  • Advertising
  • Cookies Policy
  • Contact Us
  • FAQ
  • Jobs

Brussels Morning Newspaper - All Rights Reserved © 2020

No Result
View All Result
  • Home
  • About Us
  • EU Institutions
    • Parliament
    • Commission
    • Council
  • Europe
  • World
  • Member States
  • Economy
  • Culture and Society
  • In Depth
    • Ambassador’s Corner
    • Europe With Transparency
    • Place de la Bourse
    • The Macro-Economist
    • Sustainable Perspective
    • The American Angle
    • Southeast Europe
  • Print Magazine

Brussels Morning Newspaper - All Rights Reserved © 2020

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “Accept”, you consent to the use of ALL the cookies.
Cookie settingsACCEPT
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Necessary
Always Enabled
Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.
Non-necessary
Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.
SAVE & ACCEPT