Apple Offers Rivals Access to Mobile Payments to Address EU Antitrust Charges

In a bid to resolve ongoing EU antitrust charges, Apple has extended an offer to allow rivals access to its tap-and-go mobile payments system, which is the backbone of mobile wallets. Reuters revealed that this strategic move by Apple could potentially avert a substantial fine.

The European Commission is poised to initiate a market test next month, seeking input from both competitors and customers before determining whether to accept Apple’s proposal. The timing and certainty of this market test, however, remain subject to change.

As of now, both the EU watchdog and Apple have refrained from making any official comments. Apple Pay, utilized by more than 2,500 banks in Europe and over 250 fintechs and challenger banks, relies on the Near-Field Communication (NFC) chip to facilitate tap-and-go payments on iPhones and iPads, reported Reuters.

Read more: EU Regulators Probe Deeper Into Apple Pay

The European Union’s competition enforcer had previously accused Apple of impeding rivals’ access to its tap-and-go technology, specifically the NFC, thereby obstructing the development of competing services on Apple devices. The unfolding developments suggest a potential shift in Apple’s approach to foster a more open ecosystem within the mobile payments domain.

Source: Reuters