Apple said the upcoming new EU laws and regulations would force it to open Apple pay technology to third parties, threatening security and innovation. The European Union is weighing new regulations to force apple to open its core contactless payment system. In a statement on Thursday, apple said the new regulations were not a good idea. < / P > < p > “we believe that legislation to prescribe the company’s technical approach to hardware and software security will ultimately put customers at risk and stifle innovation,” an apple spokesman told Bloomberg. < / P > < p > the Cupertino based technology giant currently restricts access to near-field communication (NFC) chips in the iPhone and apple watch. It believes that when dealing with sensitive bank information, a closed system is more conducive to security. < / P > < p > in 2019, as part of the antitrust investigation, the European Union began to ask European payment companies about Apple pay. The European Commission officially launched an antitrust investigation into Apple pay in June. < / P > < p > this is not the first time Apple’s NFC restrictions have been subject to antitrust scrutiny. In 2015, a coalition of major Australian banks tried to boycott Apple pay to negotiate third-party access to NFC hardware in Apple devices. The banks finally backed down after the Australian Competition and Consumer Council rejected its boycott request in 2017. Global Tech