South Korea's National Assembly passes a bill that forces Apple and Google to allow alternative payment systems in their app stores
Seoul requires the companies to allow competing payment systems, threatening their 30% cut of most in-app digital sales — SEOUL—Google and Apple Inc …
Wall Street Journal Jiyoung Sohn
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Discussion
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@vijayshekhar
Vijay Shekhar Sharma
on x
This is a key milestone for the mobile internet age! India should also give freedom to millions of young startups, do business using their preferred payment systems. 🏁 https://twitter.com/...
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@reneritchie
Rene Ritchie
on x
So every developer in South Korea not using Apple or Google's payment systems will just get a bill for 15-30% at the end of every month, and it'll end up being slightly more work and cost? (Oh, you thought rev share was tied to transactions in execs' minds?) https://twitter.com/.…
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@timsweeneyepic
Tim Sweeney
on x
Korea is first in open platforms! Korea has rejected digital commerce monopolies and recognized open platforms as a right. This marks a major milestone in the 45-year history of personal computing. It began in Cupertino, but the forefront today is in Seoul. https://twitter.com/..…
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@carnage4life
Dare Obasanjo
on x
The South Korean legislature has passed a bill mandating Google & Apple allow apps use alternative payment systems instead of being forced to use theirs and take a 30% cut. The penalty is 3% of SK revenues if they don't. I imagine Apple may just say no. https://www.wsj.com/...
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@vikasmalpani
Vikas Malpani🇮🇳
on x
Breaking monopolies and race to bottom begins.. massive unlocking of value coming soon .. https://twitter.com/...
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@mayazi
@mayazi
on x
S. Korea is the payment trend setter - opening up new payment options on app stores will eventually lead to more competition, both for banks & CC companies, but might lead to more crypto adoption https://www.wsj.com/...
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@tsuvik
Vikas SN
on x
Google and Apple will have to open their app stores to alternative payment systems in South Korea. Failing to comply could lead to companies facing a fine of up to 3% of their South Korea revenue https://www.wsj.com/...
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@timothys
Tim Shorrock
on x
When it comes to curbing the power of Silicon Valley, South Korea leads the way. https://twitter.com/...