Apple opens iPhone mobile payment system to rivals after antitrust investigation

Apple has reached an agreement with EU regulators to open up its mobile payment system to rival companies after a four-year antitrust investigation. The EU was concerned that Apple Pay was the only mobile wallet option for iPhone users, which limited competition in the mobile payments market. As part of the commitments, Apple will allow third-party developers to access the iPhone’s contactless/tap-and-go payment technology without charging fees. Competing mobile wallets will also be able to access key iPhone features, such as Face ID authentication.