[UK Regulators Propose Requiring Apple to Open iPhone NFC Payments and Significantly Reduce Fees] According to Engadget, the UK Competition and Markets Authority (CMA) has issued a proposal requiring Apple to open access to iPhone's NFC contactless payment functionality and significantly reduce related fees. The CMA stated that Apple's fees and rules have hindered innovation and development among UK fintech companies. Currently, 39% of payments in the UK are completed via contactless methods, with Apple Wallet being the most widely used. Unlike the EU, the UK has yet to see a single company launch a wallet product to compete with Apple. The CMA proposes that Apple open Wallet access to international mainstream contactless standards, with the CMA setting fee principles rather than directly pricing them. Apple has expressed opposition, stating it should not be required to adopt solutions with weaker privacy and security protections. The consultation period will end on November 17.