The government of South Korea has decided to ban the payment monopoly system dictated by the tech giants Apple and Google. The policymakers at the South Korean Assembly have passed a bill labeled the “Anti-Google” with more than 180 Votes, South China Morning Post reports.
The Bill terms the payment policy dictated by Google and Apple as a financial monopoly that takes a 30% cut from all app developers and forces them to use their payment portal. The decision comes as a piece of bold news from the country that has always allowed tech companies to grow and prosper.
South Korean app developers rejoice
App developers and other gaming studios in South Korea are very happy with the announcement of the new policy. Several developers were very unhappy over the years that forced them to pay 30% commission to both the platform owners for any transactions. They felt that their hard work was being robbed by the giant companies and requested several times to reduce the commissions to 7-10% per transaction.
This move allows the app developers to bypass the commission fee and use other payment portals native to the country. Many senior officials feel that the move is of the first moves against such monopoly policy against tech companies in the world and will be emulated by several other countries all around the globe.
Apple responds, Google is silent
Apple has responded to the issue stating that the commissions charged by them were industry standards and the decision to take the transaction outside the store would lead to safety issues causing a lot of fraud and unregulated money flow. However, everyone knows about the Epic vs Apple incident where taking a high cut was a major reason. And then recently, Apple has also relaxed the App Store policies for the developers.
On the other hand, Google Korea as well as the main Google HQ has yet to respond to the issue. Both the companies together have made over $10 Billion in revenue for the 2019 financial year.
What are your thoughts on the ban imposed by South Korea on the payment system monopoly of Apple and Google? Do let us know your opinions in the comments below!
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