Apple Settles EU Antitrust Probe by Opening Mobile Payments to Rivals for a Decade, Avoiding Fines

Jul 11, 2024, 09:23 AM

EU antitrust regulators have accepted Apple's offer to open its mobile payments system to rivals, effectively settling a four-year investigation into anti-competitive practices. Apple will allow developers access to its mobile technology to pre-build payment apps for rival mobile wallet providers. This decision enables competitors to use Apple's 'tap-and-go' technology free of charge for a decade, avoiding the threat of hefty fines. The European Union's acceptance of Apple's commitments aims to foster competition in the digital wallet sector, ensuring consumers in Europe can use alternative digital wallets at checkouts.