CFPB expands oversight of digital payments services including Apple Pay and Cash App
The European Union regulators have accused Apple of violating the bloc’s antitrust laws, citing that Apple distorts competition in the music streaming market by imposing unfair rules via its App Store. This accusation is the result of a complaint filed by Spotify two years ago, which claimed that Apple was hindering competition by imposing a 30-percent commission on in-app purchases made on iOS devices.
Spotify further alleged that Apple was favoring its own music streaming service, Apple Music, over competitors. In response to the charges, Apple has defended its actions, stating that the App Store has helped Spotify to benefit from the global reach at a minor cost.
Consequently, if Apple is found guilty, it could face a fine of up to 10% of its annual revenue. However, the company would have a right to challenge the ruling and any consequent penalties in court.
