After a four-year investigation, the European Union antitrust regulators have accepted commitments from Apple to allow access to its tap and go payments technology to competitors. This decision comes after concerns were raised regarding Apple potentially restricting competition in the mobile wallets market on iPhones.
Apple has made several commitments to address the antitrust concerns raised by the EU. These commitments include allowing third-party developers access to NFC technology without charging them, providing access to key iPhone features like Face ID to competing payment wallets, and allowing users to set any wallet of their choice as the default option. These changes are aimed at fostering competition, innovation, and choice in the market.
The European Commission market tested Apple’s commitments earlier this year and concluded that they address the concerns raised regarding restrictions on tap and go payments technology. These commitments have now been made legally binding on Apple, requiring the tech giant to implement them by July 25. The commitments are set to remain in effect for ten years, ensuring continued access for competitors to the tap and go technology.
EU antitrust chief Margrethe Vestager emphasized that these commitments bring important changes to how Apple operates in Europe, benefiting both competitors and customers. With the removal of restrictions on access to tap and go payments technology, competing wallet developers and consumers will have more choices and innovation in the market. This move is expected to promote healthy competition and drive further technological advancements in the mobile wallets sector.
Apple’s agreement to give rivals access to its tap and go payments technology in the EU marks a significant development in the mobile wallets market. By addressing antitrust concerns and committing to fostering competition and innovation, Apple is set to create a more open and dynamic ecosystem for mobile payments on iPhones. This decision is expected to have a lasting impact on the industry, benefiting both competitors and consumers alike.