Apple embraces embedded finance, here are some of commitments:

• Granting third party mobile wallet providers access to NFC functionality on iOS devices, free of charge and through a set of API
  • This move will allows for innovative payment options without the dependency on Apple Pay or Apple Wallet technologies.
  • This move aims to level the playing field and foster innovation in the industry
• While Apple will maintain control over its secure element chip, it has offered “equivalent access” to the NFC components through a secure mode called “Host Card Emulation / HCE”
  • This ensures secure payment transactions without relying on in-device secure element
  • Apple’s commitments extend to all third party mobile applet app developers in the European Economic area, providing fair and transparent eligibility criteria for NFC access
• In addition, Apple pledges additional features:
  • These include default payment app options and access to authentication features like faceID
  • It has also committed to applying “fair, objective, transparent, and non-discriminatory” eligibility criteria to grant NFC access to third parties – which will have to conclude an ADP license agreement to gain access.

Source: WhiteSight