Apple’s proposal to grant access to its tap-and-go mobile payments system to competitors is reportedly on track for approval by EU antitrust regulators next month, following adjustments to some of the terms, according to sources familiar with the situation.
The tech giant’s move to resolve the four-year investigation would potentially shield it from allegations of misconduct and ward off a potential significant fine, which could amount to as much as 10% of its global annual revenue.
Apple’s tap-and-go technology, known as near-field communication (NFC), facilitates contactless payments through mobile wallets.
The European Commission had previously accused Apple of impeding competition for its Apple Pay mobile wallet by blocking rival mobile wallet app developers from accessing its tap-and-go technology.
In January, Apple proposed granting rivals access to its NFC technology on iPhones, iPads, and other Apple devices at no cost, without requiring the use of Apple Pay or Apple Wallet. Access would be granted based on fair and non-discriminatory criteria.
Additionally, Apple offered to provide extra functionalities, including allowing users to set their preferred payment apps as default, access to authentication features like FaceID, and the establishment of a dispute resolution mechanism.
Following feedback from competitors and customers, Apple was requested to make adjustments to certain terms. The proposed NFC access would span a 10-year period.
The Commission aims to finalize acceptance of the offer by summer, with May being the most probable timeframe, though the timing remains subject to change as Apple finalizes technical details, according to the sources.
Last month, Apple received its first EU antitrust penalty, a €1.84 billion ($2 billion) fine, for allegedly stifling competition from Spotify and other music streaming rivals through restrictions on its App Store.
