The digital wallet market, currently dominated by big tech companies like Apple, is under scrutiny by the Competition Bureau, as suggested by Industry Minister François-Philippe Champagne. Countries around the world are taking steps to prevent tech giants from monopolizing the market, with the EU recently forcing Apple to open up its “tap to pay” iPhone payment system to competitors, putting an end to an EU anti-trust case.
In his letter to the bureau, Champagne highlighted the need for vigilance in ensuring a competitive economy and preventing anti-competitive conduct by major industry players. The U.S. Justice Department also filed a lawsuit alleging that Apple limits third-party access to contactless payment technology, while regulators in the UK announced plans to examine digital wallets for potential competition and consumer issues.
Canada has taken its own measures to regulate tech giants, including launching a retroactive digital tax targeting U.S. tech companies. The federal government has also amended the Broadcasting Act to require streaming services to contribute to Canadian content through a 2% levy on revenues.
As telecommunications continue to evolve, it’s essential for regulators and industry players alike to ensure fair competition and consumer protection in the digital marketplace. Stay tuned for updates on how these developments may impact your digital wallet usage in Canada. We at Phones Canada are committed to keeping you informed on all telecommunications news and trends affecting Canadians nationwide.
