Apple: EU antitrust regulators accept Apple’s offer to open mobile payments system

European Union antitrust regulators on Thursday accepted Apple’s offer to give rivals access to its tap-and-go mobile payments system, a move that would settle a four-year investigation that could have resulted in a hefty fine for the iPhone maker.

“Apple’s final commitments will address competition concerns related to Apple’s restricting access by third-party mobile wallet developers to NFC payments in stores for iOS users in the EEA,” the European Commission said in a statement.

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Apple’s offer will be valid for 10 years. Its tap-and-go technology, called near-field communication, or NFC, enables contactless payments using mobile wallets.

The company said its offering will enable European developers to enable contactless payments for car keys, closed-loop public transport, corporate IDs, house keys, hotel keys, retailer loyalty/rewards programs and event tickets from within their iOS apps.

Two years ago, the EU’s antitrust watchdog accused Apple of hindering competition in its Apple Pay mobile wallet by blocking developers of rival mobile wallet apps from using its contactless payment technology.