EU Accepts Apple's Offer to Open Mobile Payments System to Rivals for Ten Years, Avoiding Hefty Fines

Jul 11, 2024, 11:49 AM

The European Union antitrust regulators have accepted Apple's offer to open up its tap-and-go mobile payments system to rivals, ending a four-year long investigation. This decision allows developers to access Apple's mobile technology to pre-build payment apps for rival mobile wallet providers. Apple has committed to providing European developers with the option to enable tap-and-go payments for various services, including car keys, closed-loop transit, and merchant loyalty/rewards within iOS apps. The agreement, which will be valid for ten years, helps Apple avoid potential hefty fines. EU antitrust chief Margrethe Vestager stated that the commitments are now legally binding and will enhance competition in the mobile payments sector. This settlement also closes the investigation into online restrictions and alleged refusal of access to Apple Pay for some rivals' specific products.