South Korea has passed a bill written to prevent major platform owners like Google and Apple from restricting app developers to built-in payment systems, The Wall Street Journal reports. The bill is now expected to be signed into law by President Moon Jae-in, whose party championed the legislation.
The law comes as a blow to Google and Apple who both require in-app purchases to flow only through their systems, instead of outside payment processors, allowing the tech giants to collect a 30 percent cut. If tech companies fail to comply with the new law, they could face fines of up to 3 percent of their South Korea revenue.
The law is an amendment to South Korea’s Telecommunications Business Act, and it could have a large impact on how...
source https://www.theverge.com/2021/8/31/22643800/apple-google-south-korea-app-store-payment-legislation-passes
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