Oil breaks US$100, Wall Street retreats and bond yields rise, inflation is becoming the market’s biggest risk again Global markets are starting Thursday in a more defensive position. Brent crude has broken above US$100 a barrel , U.S. Treasury yields are pushing higher, and Wall Street fell for a third straight session as investors reassess whether central banks may need to keep tightening rather than easing. For Malaysian investors, the key chain today is increasingly clear: Oil → inflation → interest rates → bond yields → USD/MYR → Bursa valuations. 30-second market snapshot Market / Asset Latest 🇺🇸 S&P 500 7,636.36, -0.48% 🇺🇸 Dow Jones 52,380.66, -0.77% 🇺🇸 Nasdaq 26,253.34, -0.64% 🇲🇾 FBM KLCI 1,714.34, virtually flat 💵 USD/MYR ~4.06 🇺🇸 U.S. 10Y Treasury ~4.84% 🇺🇸 U.S. 2Y Treasury ~4.42% 🥇 Gold ~US$4,396/oz 🛢️ Brent crude US$101.21/bbl 🛢️ WTI crude US$96.05/bbl ₿ Bitcoin ~US$79,300 🇯🇵 Nikkei ~64,760, -0.6% this morning Brent jumped about 3.4% Wednesda...
Apple Inc announced it will allow third-party developers to access the iPhone’s payment chip, marking a significant shift in its approach to mobile payments. This move will enable banks and other services to compete with Apple Pay by using the iPhone’s NFC (near-field communication) technology to handle transactions.
Key Highlights:
Access to NFC Chip: Starting with the iOS 18.1 update, Apple will permit third-party developers to use the iPhone’s NFC chip for a variety of functions, including in-store payments, transit fares, work badges, home and hotel keys, and reward cards. The company also plans to support government identification cards in the future.
Default Payment Apps: Users will have the option to set a third-party payment app as their default system, replacing Apple Pay, giving consumers more choice in how they make transactions.
Security Concerns and Fees: Apple had previously been hesitant to open up the NFC chip to developers due to security concerns. Although the company is now allowing access, it will require developers to pay associated fees and enter into a commercial agreement. Apple emphasized that only authorized developers who meet specific industry and regulatory requirements and adhere to Apple’s security and privacy standards will be granted access.
Revenue Impact: The change could impact the revenue Apple generates from Apple Pay transactions, as the company currently takes a cut from all payments made via the iPhone. By opening the NFC chip to third parties, Apple may face increased competition, although it will still benefit from the fees charged to developers.
Geographic Rollout: Apple plans to introduce the program in Australia, Brazil, Canada, Japan, New Zealand, the US, and the UK. Notably, the announcement did not include the European Union, despite the region's significant pressure on Apple to open up its payment chip to competitors.
This development represents a major shift in Apple’s payment strategy, potentially reshaping the mobile payments landscape by allowing more players to participate while still ensuring that Apple benefits from its proprietary technology.
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