The article discusses Apple’s efforts to conclude an EU antitrust investigation into its mobile payments system by offering concessions to allow competitors greater access to its contactless technology system. Here are three highlights from the article:
1. The European Commission had charged Apple with breaking competition law by allegedly preventing competitors from accessing tap-and-go chips or near-field communication (NFC) to benefit its Apple Pay system.
2. Apple has committed to providing developers with free access to its NFC technology on iOS devices, independent of Apple Pay or Apple Wallet, for a period of ten years.
3. By reaching a settlement with the European Commission, Apple aims to avoid potential sanctions, such as fines of up to 10% of its total worldwide annual turnover.
Summary: Apple is working on a settlement with the European Commission to address accusations of unfair competition practices related to its mobile payments system. The tech giant has offered concessions to allow rivals greater access to its NFC technology on iOS devices, potentially avoiding hefty fines in the process.
Editorial content by Peyton Hawthorne
