Apple opens iPhone payment chip platform: competition and future payment trends

Apple opens iPhone payment chip platform: competition and future payment trendsIn a recent financial news, Apple announced that it will start allowing third-party use of iPhone's payment chip processing transactions in the near future. This important step has finally taken after years of pressure from regulatory authorities

Apple opens iPhone payment chip platform: competition and future payment trends

In a recent financial news, Apple announced that it will start allowing third-party use of iPhone's payment chip processing transactions in the near future. This important step has finally taken after years of pressure from regulatory authorities. This move will push banks, other services and ApplePay platform into a new competitive landscape. The following is an overview of the information.

Background Introduction

According to a report from CaiLianShu on August 15, Apple plans to open the iPhone payment chip platform, enabling third parties to use this technology for payment transactions. This initiative will not only improve payment experience but also promote competition between banks and other services and ApplePay platform. Apple says that this change will allow external suppliers to use NFC chips for in-store payments, bus ticket pricing, and other application scenarios.

II. Specific Content

From iOS 18.1 onward, third-party developers will be able to use this payment chip for transactions.

Application scope: including but not limited to store payment, bus system ticket price, work badges, household and hotel keys, and reward cards

In terms of the supervision authority's pressure, the supervision authority has been promoting innovation and competition in the payment industry for many years. This action taken by Apple meets market expectation, indicating that the supervision authority's continuous attention and push on the payment industry.

III. Future Outlook

This measure will bring a series of changes and opportunities that have far-reaching impacts on the payment industry in the future. Firstly, it will promote the innovation and upgrading of payment technology, improving payment efficiency and security. Secondly, it will promote competition between banks and other services and the healthy development of the payment industry. Finally, it will bring more payment options and convenience to consumers.

Conclusion

In conclusion, the move by Apple is an important step in the payment industry, which will promote the innovation and upgrading of payment technology and drive the competition and development of the payment industry. At the same time, it will bring more payment options and convenience to consumers. We look forward to seeing more innovations and changes in the payment industry in the future.