Industry minister suggests Competition Bureau look at digital wallets
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Hey there, time traveller!
This article was published 16/07/2024 (764 days ago), so information in it may no longer be current.
OTTAWA – Industry Minister François-Philippe Champagne says the issue of competition in the big tech-dominated digital wallet market should be on the Competition Bureau’s radar.
In a letter to the bureau, Champagne points to other countries that are taking action to ensure no one entity dominates the space.
In a deal approved last week, the European Union accepted a promise by Apple to open its “tap to pay” iPhone payment system to rivals, ending an EU anti-trust case.
Mobile wallets rely on near-field communication, or NFC, which uses a chip to wirelessly communicate with a merchant’s payment terminal.
The EU said Apple Pay is the biggest NFC-based mobile wallet on the market, and accused the company of denying others access.
In the United States, the Justice Department filed a lawsuit in March that alleges Apple limits access to contactless payment for third-party digital wallets.
British regulators said Monday they would look at digital wallets, including whether they raise any competition and consumer issues.
They said Apple Pay, Google Pay and PayPal are the most widespread systems, and called digital wallets, which are likely now used by more than half of UK adults, “an increasingly important touchpoint between big tech firms and UK consumers.”
In his letter, Champagne noted the Competition Bureau is an independent body and said he wanted to draw the commissioner’s attention to the issue.
“I am confident that you will take appropriate action — as you deem necessary to maintain a competitive economy — should there be evidence of anti-competitive conduct by major industry players,” Champagne said in the letter.
— With files from The Associated Press.
This report by The Canadian Press was first published July 16, 2024.
