The rule change, passed as part of an amendment to an anti-money laundering bill, represents an attempt to rein in the power of US Big Tech firms on German soil, according to finextra.com.
Banks in Germany and neighbouring Switzerland have been striving to get Apple to open up its jealously-guarded NFC interface for some time, arguing that it discriminates against home-grown mobile payment schemes.
A previous effort to get Apple to open up its infrastructure in Australia failed to pass muster following a fierce battle between the US consumer electronics giant and five of the country’s biggest banks.
The German bill does not name Apple specifically, but instead requires ‘operators of electronic money infrastructure’ to offer access to rivals for a reasonable fee. It is slated to come into force next year.
Apple has condemned the plans as an assault on user privacy and security.
“We are surprised at how suddenly this legislation was introduced,” Apple said on Friday. “We fear that the draft law could be harmful to user friendliness, data protection and the security of financial information.”
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below:
