Apple to let rivals use tap-and-go payment, staves off EU antitrust fine

11/7/2024 18:08

        Apple will open its tap-and-go mobile payments system to rivals, EU antitrust regulators said on Thursday, ending a four-year long investigation that could have resulted in a hefty fine for the iPhone maker.
        
        Apple's decision to settle the EU antitrust probe marks a rare move by the company which has pushed back against the EU competition watchdog scrutinising its business practices. It currently faces three investigations under the Digital Markets Act (DMA) over its business practices.
        
        The European Commission, which acts as the EU antitrust enforcer, said Apple's offer would be valid for 10 years. More than 3,000 banks and issuers in Europe offer Apple Pay.
        
        EU antitrust chief Margrethe Vestager said, "From now on, competitors will be able to effectively compete with Apple Pay for mobile payments with the iPhone in shops. So consumers will have a wider range of safe and innovative mobile wallets to choose from."
        
        Apple's tap-and-go technology called near-field communication, or NFC, allows for contactless payments with mobile wallets. It will now allow developers to access its NFC to pre-build payment apps for rival mobile vallet providers.