The Consumer Financial Protection Bureau (CFPB) launched an aggressive critique against Apple this week for its practice of restricting access to the iPhone’s NFC chip technology, which is necessary for end-users to make contactless payments with. The rebuke went on to emphasize the importance of platform interoperability for open banking, and suggested Apple’s restrictive policies preclude competition from other payments providers, limits consumer choice, and impedes innovation. Additionally, the CFPB alleged that Apple’s privacy and security claims are bogus, suggesting that other third-party payments apps could meet the same privacy standards as Apple Pay.
CFPB Aims at Apple over NFC Chip Access
