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Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI

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Shark Tank's Kevin O'Leary says if he were 25 today, he'd chase these two booming opportunities in the world of AI

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Ex-PepsiCo CEO Indra Nooyi worked from midnight until 5 a.m. as a receptionist to pay for her Yale degree—and she says ‘respect went up’ because of it

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Even as Elon Musk calls philanthropy ‘very hard,’ everyday Americans gave a record $617 billion—despite feeling the squeeze over the cost of living
Techregulation

South Korea moves to ban Apple and Google’s payment exclusivity

By
Chris Morris
Chris Morris
Former Contributing Writer
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By
Chris Morris
Chris Morris
Former Contributing Writer
Down Arrow Button Icon
August 24, 2021, 1:35 PM ET
South Korean officials are expected to pass legislation Wednesday that would prevent Google and Apple from requiring software developers to use their payment systems.
South Korean officials are expected to pass legislation Wednesday that would prevent Google and Apple from requiring software developers to use their payment systems.Jakub Porzycki—NurPhoto/Getty Images
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South Korean officials are expected to pass legislation Wednesday that would prevent Google and Apple from requiring software developers to use their payment systems.

That would essentially end the commission on in-app purchases in the country.

The companies reportedly are both pushing back strongly against the bill, which has been dubbed the “anti-Google law.” A final vote is expected on Wednesday. If it passes, it would be one of the first major power checks on the tech companies by a major economy.

In a statement to Reuters, Apple said the bill “will put users who purchase digital goods from other sources at risk of fraud, undermine their privacy protections, make it difficult to manage their purchases.”

Apple and Google for some time have been forced to defend their payment systems, which can charge commissions of up to 30%. In the United States, it has led to a legal showdown with Fortnite creator Epic Games. A decision in that trial is pending.

As part of the testimony, however, it was revealed that Apple generated over $100 million in revenue from Fortnite since a mobile version of the game launched.

A committee of U.S. senators has introduced a bill aimed at app stores, saying the owners of these platforms (including Google and Apple) have too much market control.

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About the Author
By Chris MorrisFormer Contributing Writer

Chris Morris is a former contributing writer at Fortune, covering everything from general business news to the video game and theme park industries.

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