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Apple To Open Payment Chip To Third Parties and Charge Fees
Apple will begin letting third parties use the iPhone's payment chip to handle transactions, a move that allows banks and other services to compete with the Apple Pay platform. From a report: The move, announced Wednesday, follows years of pressure from regulators, including those in the European Un...
From a report: The move, announced Wednesday, follows years of pressure from regulators, including those in the European Union. The payment chip relies on a technology called NFC, or near-field communication, to share information when the phone is near another device. The change will allow outside providers to use the NFC chip for in-store payments, transit system fares, work badges, home and hotel keys, and reward cards.
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