BRUSSELS–Apple is now offering to let rivals access its tap-and-go mobile payments systems used for mobile wallets, a move that could settle EU antitrust charges and stave off a possible hefty fine, three people familiar with the matter have told Reuters.
How that might affect the payments landscape in the United States is not yet known.
In 2022, the European Union charged Apple with curbing rivals' access to its tap-and-go technology, Near-Field Communication (NFC), making it difficult for them to develop rival services on Apple devices.
“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,” Reuters reported.
Feedback Being Sought
According to the report, 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.
Reuters reported that 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.
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