Apple Inc’s proposal to open its tap-and-go mobile payment system to rivals could be approved by EU antitrust regulators as soon as next month after adjusting some terms, people familiar with the matter said.

Apple’s attempt to resolve a four-year investigation would help it avoid findings of wrongdoing and potentially face hefty fines of up to 10% of its annual global revenue.

Apple’s contactless technology, called Near Field Communication (NFC), allows contactless payments using mobile wallets.

Two years ago, the European Commission accused Apple of hampering competition in its Apple Pay mobile wallet by blocking rival mobile wallet app developers from using its click-and-play technology.

The U.S. tech giant in January proposed allowing competitors to access its NFC on its iPhones, iPads and other Apple mobile devices for free without using Apple Pay or Apple Wallet, based on fair and non-discriminatory standards.

It also proposes to provide additional features, including a default preferred payment app, access to authentication features such as FaceID and suppression mechanisms, and the establishment of a dispute resolution mechanism.

Based on feedback from competitors and customers, Apple was asked to adjust some terms. The NFC proposal is valid for 10 years.

The European Commission plans to accept the proposal before summer, with May as the most likely month, but the timing could still change while it waits for Apple to work out final technical details, people familiar with the matter said.

Last month, the company was fined 1.84 billion euros ($2 billion) for hampering competition from Spotify and other music streaming rivals by restricting the App Store, its first EU antitrust penalty.

© Thomson Reuters 2024

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