Apple could be forced to allow third-party payment apps to access the NFC chip in the iPhone

The European Union is considering new antitrust legislation in response to complaints by banks that Apple’s restrictions on access to the NFC chip are anticompetitive.

The NFC chip in iPhones and Apple Watches can be read by payment terminals, allowing them to process payments. In principle, any bank or financial app could use this chip to process payments – but Apple restricts access, so that payments can only be made via Apple Pay.