US lawmakers laud South Korean app store bill

U.S. lawmakers who seek increased regulation of Big Tech applauded the passage of a South Korean law that will force Apple and Google to accept outside payments in their respective app stores.

South Korea could soon become the first domino to fall in a worldwide effort to extricate Apple and Google from profits earned by developers on their online marketplaces. The country's parliament on Tuesday voted to approve regulations that would bar app store operators from requiring use of first-party payment systems.The bill could significantly impact Apple and Google's bottom lines if signed into law by President Moon Jae-in, as both companies take an up to 30% cut of sales and in-app purchases. Implementation of alternative payment systems would allow developers to effectively bypass the commission.

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