Top Apple exec acknowledges shortcomings in effort to bring competition in iPhone app payments

Longtime Apple executive Phil Schiller on Wednesday acknowledged a court-ordered makeover of the U.S. payment system in its iPhone app store hasn’t done much to increase competition — a shortcoming that could result in a federal judge demanding more changes. Schiller, who has overseen Apple's app store for 16 years, made the admission during occasionally sheepish testimony about new payment options that so far have been shunned by all but a few dozen apps since their introduction in January. His appearance two weeks into hearings being held to determine whether more drastic changes are needed to lower the barriers protecting Apple's lucrative in-house payment system for iPhones apps.