In 2022, the European Union executive body, the European Commission, accused Apple of violating competition law, preventing competitors from using 'touch and go' chips or near field communication technology (NFC), thereby benefiting Apple's own Apple Pay payment system.
Fintech app provider Wise has become the latest company to integrate with Apple Pay, allowing customers to pay for transactions via the mobile payments service.
In 2022, the European Union executive institution, the European Commission, accused Apple of violating competition law by preventing competitors from using "touch payment" chips or near-field communication technology (NFC), thereby benefiting Apple's own Apple Pay payment system.
Apple Pay allows iPhone users to make payments using their mobile devices, which run only on the iOS operating system, forming a closed ecosystem of Apple. The European Commission previously stated that Apple controls all aspects of this ecosystem, including access by mobile wallet developers.
According to sources, in January of this year, Apple made a ten-year commitment to the European Commission, allowing third-party mobile payment wallets access to payment chips on iPhones. These measures are being tested in Brussels.
According to sources, the settlement could help Apple avoid sanctions, such as fines of up to 10% of its global annual revenue. Apple is still finalizing the technical details, but the settlement could be reached in the next few days.