The European Union antitrust regulators recently concluded a four-year investigation into Apple’s tap-and-go payments technology by accepting commitments from the tech giant. This decision was made to address concerns surrounding the potential restriction of competition within the mobile wallets market on iPhones.
Apple committed to allowing access to its tap-and-go payments technology to rivals, including providing access to NFC technology without any charges. Additionally, Apple agreed to grant competing payment wallets access to key iPhone features like Face ID and allowed users to set any wallet of their choice as the default option.
The European Commission market tested Apple’s commitments and concluded that these changes effectively address concerns regarding the restrictions previously imposed on third-party access to Apple’s tap-and-go payments technology. As a result, the commission made these commitments legally binding for Apple.
EU antitrust chief Margrethe Vestager highlighted the benefits of these commitments, stating that competitors and customers will now have increased opportunities for innovation and choice in the mobile wallet market. The changes are expected to promote competition while ensuring the security of payments on Apple devices.
Apple has until July 25 to implement the commitments, after which all developers will be able to offer mobile wallets with tap-and-go technology for iPhones. These commitments are set to remain in effect for ten years, providing long-term access to Apple’s tap-and-go payments technology for competitors.
Overall, the acceptance of Apple’s commitments by the EU antitrust regulators marks a significant shift towards promoting competition and innovation in the mobile wallet market. By allowing access to its tap-and-go payments technology, Apple is taking steps to create a more open and competitive environment for both developers and consumers.
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