Apple warned of a security risk to Apple Pay in Germany, after the nation agreed legislation which will require providers of mobile financial services to open access to rivals, Reuters reported.
An update to money-laundering protections was agreed this week and is likely to come into force early in 2020, the news agency stated. It will require services including Apple Pay to offer competitors access to their mobile money infrastructure “for a reasonable fee”.
Apple was reportedly surprised by the speed with which the legistlation was approved, telling Reuters the move could pose a risk to its data protection and security systems.
The news outlet noted the legislation was passed despite opposition from Chancellor Angela Merkel’s office.
Apple relies heavily on its digital wallet service and in October recorded a milestone of 3 billion transactions in its fiscal fourth quarter.
The company recently claimed Apple Pay was growing four-times faster than rival electronic payment service PayPal.Subscribe to our daily newsletter Back