Apple Inc (NASDAQ: AAPL) and Alphabet Inc Class A (NASDAQ: GOOGL) (NASDAQ: GOOG) will get hit by a new law that effectively bans tech-giants from charging hefty commissions on in-app purchases in South Korea, according to The Wall Street Journal. What Happened: In a first such move by a key economy, South Korea's parliament on Tuesday approved a bill that will make it mandatory for companies such as Google and Apple to open up their app stores to alternative payment systems, which in turn threatens their 30% commission from most in-app digital sales.
Apple, Google Set To Take First Antitrust Hit Over App Stores As South Korean Lawmakers Pass Key Bill