The US tech giant Apple has made concessions in a long-running EU competition probe into the company's pay system that may avert huge fines, the European Commission said on Thursday.
Apple legally committed to allow rivals access to their one-touch payment system called Tap and Go, which "opens up competition in this crucial sector," EU Competition Commissioner Margrethe Vestager said in a statement.
In May 2022, a commission investigation provisionally found that the Apple Pay system is infringing EU competition rules by restricting rivals access to essential technology and distorting the market.
The commission - the European Union's top competition regulator - said that access rules for developers around the mobile wallet technology on Apple's IOS operating system suppressed innovation in contactless payments.
As the technology is pre-installed on Apple devices, the restrictions excluded competitors and led to less consumer choice for payment services on Apple phones and tablets, the EU said.
If, for example, banks want to make their cards usable for contactless payment on the iPhone, this was previously only possible via Apple Pay and Apple's own mobile wallet.
The concessions were part of a major EU competition probe into the US tech giant which could have potentially resulted in fines for the company worth up to 10% of Apple's annual turnover.
Apple's turnover totalled $383 billion in 2023.
The commission and Apple have long been at loggerheads over competition regulations, ranging from tax arrangements with EU member state Ireland to operations on its App store.
In March, the commission fined Apple €1.8 billion ($2 billion) for imposing unfair restrictions on competitors to its music streaming service, Apple Music, following a complaint by Spotify.
