June 19, 2024 – Apple has reached a settlement with the European Commission in the long-running antitrust case related to its mobile payment service, Apple Pay, according to recent reports from FT. The agreement is expected to bring closure to the EU’s extended investigation into Apple’s payment system and may potentially lead to Apple supporting Apple Pay on Android devices.
In 2022, the European Commission accused Apple of restricting other apps’ access to the NFC chip in “tap-and-go” payments, giving Apple Pay an unfair advantage over its competitors. Facing the possibility of a hefty fine amounting to billions of dollars, Apple has chosen to compromise, allowing third-party developers free access to NFC technology. This move enables developers to create contactless payment options independent of Apple Pay or the Wallet app.
Sources indicate that Apple is currently finalizing the details internally and is expected to officially announce the settlement in the coming weeks. Had Apple refused to settle, the EU had the authority to impose a fine equivalent to 10% of the company’s global annual turnover. Considering Apple’s 2023 revenue of 383billion,a1040 billion.
