Apple will allow rival companies to operate wallet technology on its iPhones free-of-charge for a decade, European Union regulators said on Thursday, in the latest overhaul prompted by local rules.
Apple’s mobile wallet allows iPhone users to pay for products in-store and online using its own-brand Apple Pay. Until now, Apple has not made its near-field communication (NFC) technology, which allows phones to communicate with payment terminals, available to rival developers—causing the EU to warn in 2022 that restricting access to this technology qualifies as an abuse of market power.
Apple’s concession ends a two-year dispute between the Big Tech giant and the European Commission over the company’s payment technology. This
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