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Fintech Nexus Newsletter (March 22, 2024): The DoJ’s suit against Apple has profound implications for fintech
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Fintech Nexus Newsletter (March 22, 2024): The DoJ’s suit against Apple has profound implications for fintech

Fintech Nexus Newsletter (March 22, 2024): The DoJ’s suit against Apple has profound implications for fintech

Peter Renton·
Fintech Nexus Newsletter
·Mar. 22, 2024·3 min read

Yesterday, there was a lot of talk about the Department of Justice’s anti-trust lawsuit against Apple.

Simon Taylor called it the “biggest thing in fintech since Visa/Plaid.” American Banker gave us a history of the battles between banks and Apple over the years. And TechCrunch had no less than six articles covering this development.

While the lawsuit itself is broad it does include some specific complaints about Apple’s massive financial business. Like with all things Apple, its financial offerings operate in a walled garden and that is the problem.

Apple Pay only works with the Apple digital wallet and third-party apps can’t even access the NFC chip. The EU opened an anti-trust investigation into Apple back in 2020 and has agreed to make some concessions.

In Europe, developers will soon have access to the NFC chip to build their own tap-to-pay services that can bypass Apple Wallet and Apple Pay. That opened the door for US regulators to act.

If Apple has a more open system in Europe, then U.S. consumers should enjoy the same benefits. That is at the heart of the DoJ complaint.

Apple shows no signs of slowing down in its push to add financial services features into the iPhone and its associated ecosystem. As digital financial services become more entrenched in our lives, it will be good for consumers to have access to products from a broad cross-section of vendors.

If the DoJ is successful, that will almost certainly come to pass.


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  • Peter Renton
    Peter Renton

    Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s largest digital media company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series.

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