"Provide alternative payment method" [Yuri_Arcurs/E+ via GettyImages]
Doing some Seoul searching... Big Tech. Yesterday, South Korea passed the first law in the world to dent Apple and Google's dominance over app store transactions. Quick refresher: Apple and Google typically take a ~30% cut of in-app purchases, downloads, and subs. Those in-app purchases must flow through Apple/Google's own payment systems. Now…
BRB, going app shopping... Don't sprain a finger. Apple says its current app store policies help protect user safety. But given recent scrutiny, the Fruit halved its 30% fee for developers earning less than $1M/year, and Google said it would only take 15% of developers' first $1M. This South Korean law is the biggest threat so far to their app store dominance — but it's not the first.
Precedent is powerful... This South Korean law and its impact could be referenced by regulators in other countries to curb Apple and Google's dominance. Regulators will be watching to see how South Korea’s law pans out. For example: if it results in more fraud, as Apple has warned. Either way, Apple and Google’s app store payments dominance is no longer absolute.