South Korea’s parliament passed a bill Tuesday that would rein in the dominance Google and Apple exert over payments on their app stores, becoming the first nation in the world to enact such a law, according to YONHAP News Agency.
South Korean lawmakers voted to approve the amendments to the Telecommunications Business Act, which bar app market operators from forcing certain payment systems on mobile content businesses by abusing their market positions.
The move comes amid growing global scrutiny against Google and Apple, who maintain a strong grip over mobile ecosystems, for requiring developers on their app stores to use their proprietary payment systems that charge fees of up to 30 percent when users purchase digital goods within apps.
Developers around the world have questioned app market operators’ exclusive in-app payment systems, opposing their relatively high commissions and demanding that they should be able to freely use other systems.
The latest legislation in South Korea is expected to give app developers the choice to use other payment systems, potentially signaling a major shift in how Google and Apple run their app markets.
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:
