Monopoly – Apple has proposed giving competitors access to its tap-and-go technology in an EU antitrust case, sources told Reuters.

© Reuters. The EU flag and Apple Pay logo are visible in this picture taken on May 10, 2023. REUTERS/Dado Ruvic/Illustration

By Puyunchi

BRUSSELS (Reuters) – Apple Inc (NASDAQ:) has offered to allow rivals access to its tap-and-go mobile payment system used for mobile wallets, three people familiar with the matter said. Heavy fines are possible.

Last year, the EU competition enforcement agency accused Apple of restricting competitors’ access to Near-Field Communication (NFC), a tap-and-go technology, making it difficult to develop competing services on Apple devices.

The European Commission is likely to seek feedback from competitors and customers next month before deciding whether to accept Apple’s proposal, the people said.

They said the timing and availability of market testing could still change.

The EU watchdog declined to comment. Apple was not immediately available for comment before U.S. business hours.

Apple Pay is used by more than 2,500 banks and 250 fintechs and challenger banks in Europe. The NFC chip allows tap-and-go payments on iPhone and iPad.