Payments Dive
Cook’s warnings echo a press release last month from Apple where it laid out the details of its upcoming changes in the EU. Complying with the European Union’s regulation would expose users to “malware, fraud and scams, illicit and harmful content and other privacy and security threats,” the release said.
The regulatory updates could affect the company’s iPhone, iPad and Apple Watch products.
“We’ve really majored on privacy, security and usability,” Cook said during the call last week. “But we’re going to fall short of providing the maximum amount that we could supply because we need to comply with the regulation,” he said of the EU services.
The changes infringe on the company’s “walled garden” strategy, in which it tightly controls the hardware and software of its devices. However, Apple will still collect fees on purchases made through iOS apps, the release said. The tech giant offered to open up access to contactless payment apps late last year, according to a report by Reuters, citing unnamed sources.
But those changes may not actually have much effect on Apple’s business. When Mark Zuckerberg, CEO of rival company Meta, was asked about the opportunity during an earnings call last Thursday, he said it was unlikely that he would take advantage of it.
“I don’t think that the Apple thing is going to have any difference for us,” Zuckerberg said. “They’ve made it so onerous and, I think, so at odds with the intent of what the EU regulation was that I think it’s just going to be very difficult for anyone, including ourselves, to really seriously entertain what they’re doing there.”
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