| 5 March 2024, Tuesday |

Apple offers to let rivals access tap-and-go tech in EU antitrust case

According to three people with knowledge of the situation, Apple (AAPL.O) has offered to let competitors access to its tap-and-go mobile payment systems, which are used for mobile wallets. This might resolve EU antitrust allegations and avert a potentially large fine.

Last year, the EU competition watchdog accused Apple of restricting competitors’ use of its tap-and-go Near-Field Communication (NFC) technology, which made it harder for competitors to create competing services on Apple products.

It said this benefited Apple Pay, Apple’s own mobile wallet solution on iPhones and iPads, and pointed to the company’s significant market power in the market for smart mobile devices and dominance in mobile wallet markets.

The European Commission is likely to seek feedback next month from rivals and customers before deciding whether to accept Apple’s offer, the people said.

They said the timing of the market test and whether it will go ahead could still change.

The EU watchdog declined to comment. Apple was not immediately available for comment before U.S. working hours.

Apple Pay is used by more than 2,500 banks in Europe and over 250 fintechs and challenger banks. The NFC chip enables tap-and-go payments on iPhones and iPads.

  • Reuters