UK regulators plan to require Apple to open up iPhone NFC payments and significantly reduce fees.

PANews October 21 news, according to Engadget, the UK Competition and Markets Authority (CMA) has published proposals requiring Apple to open up access to the iPhone's NFC contactless payment and to "substantially lower" the related fees. The CMA said Apple's fees and rules have hindered the innovation and development of UK fintech companies. Currently, 39% of payments in the UK are made via contactless methods, with Apple Wallet being the most used. Unlike the EU, no company in the UK has so far launched a wallet-type product competing with Apple. The CMA proposes that Apple open Wallet access to mainstream international contactless standards, with the CMA setting fee principles rather than directly setting prices. Apple has expressed opposition, saying it should not be required to adopt solutions with weaker privacy and security protections. The consultation period will close on November 17.