In the rapidly evolving payments landscape, the freedom to choose is not merely a convenience; it is an essential foundation for innovation, competition, and consumer empowerment. As consumers increasingly adopt mobile and digital payment solutions, maintaining a diverse, open, and competitive payments ecosystem is critical.

However, the dominance of major platforms, particularly Apple, poses a significant challenge to the principles of choice and innovation. Leveraging platform control, Apple sets terms for banks and financial institutions that differ from those it applies to itself. While Apple describes its payments offering as part of an ecosystem, many regard it as a tightly controlled environment designed to favour its own services.

For instance, Apple’s approach to mobile payments through Apple Pay and the Wallet app demonstrates how it reinforces market position. By positioning Wallet as the default mobile payments interface on iOS, it limits consumer visibility and access to alternatives. Even when third-party apps have the technical capability to offer a seamless experience, system-imposed limitations prevent parity with Apple Pay.

Such restrictions stifle innovation. Third-party developers and financial institutions face technical and policy barriers that impede the creation and delivery of cutting-edge payment solutions. This limits consumer choice and dampens the competitive drive that typically fuels industry advancement.

Preserving openness in the payments space is essential to fostering a thriving environment of innovation. A competitive payments landscape enables new solutions to emerge, encourages lower costs, and enhances user experience. Stakeholders must champion a payments ecosystem that prioritises transparency, fairness, and freedom of choice.

Only by ensuring a genuinely level playing field can we realise the full potential of innovation and deliver greater value and convenience to all consumers.