Apple Opens Tap-and-Go Mobile Payments to Rivals After EU Probe

Apple announced it will open its tap-and-go mobile payment system to rivals, following a four-year EU antitrust investigation. The decision, valid for ten years, allows competitors access to its NFC technology. This move aims to increase competition and provide consumers with more mobile wallet options.

Apple has agreed to open its tap-and-go mobile payment system to rivals, concluding a four-year EU antitrust investigation that could have led to substantial fines for the tech giant.

The European Commission, responsible for enforcing EU antitrust laws, welcomed Apple's decision which will last for ten years. This move will enable competitors to offer mobile payment services on iPhones, thus giving consumers more choices.

Apple's NFC technology allows for contactless payments and will now be accessible to developers for creating rival mobile wallet apps. This settlement comes as the company seeks to avoid further penalties following a recent hefty fine for antitrust violations related to its App Store.

(With inputs from agencies.)