Who will really benefit from this?
Cardell also said, “By removing barriers to entry, we can help create the conditions for brilliant British businesses with great ideas to develop new products and services here — from payment apps and digital IDs to travel passes and digital keys.”
That seems highly speculative to me, but I can see UK banks offering up digital payments directly via Apple’s NFC as the most likely outcome of the new rule. In a statement, David Geale, executive director for consumers, payments and competition at the Financial Conduct Authority, said, “Opening up this technology will also support the expansion of open banking, enabling more people to make payments directly from their bank accounts.”
I imagine the banks will turn out to be the real motivation here. To my mind, it suggests the sector wants to use regulation to muscle in on the ecosystem Apple has made and wants to make direct use of NFC on iPhones to cut Apple out of the revenue generated by these payments as much as possible.
