European antitrust regulators said Thursday that Apple will allow competitors to use its tap-and-go mobile payment technology. This decision ended a four-year investigation, which could result in a significant fine for the iPhone manufacturer. Apple's decision to settle the EU claims is an unusual step for a company that usually resists scrutiny from the European competition regulator. Apple currently has three investigations under the Digital Markets Act regarding its business practices. The European Commission, acting as the EU's antitrust regulator, announced that Apple's proposal will be valid for 10 years. In Europe, more than 3 thousand banks and issuers offer the Apple Pay service. Now competitors will be able to fully compete with Apple Pay for mobile payments via iPhone in stores. Consumers will receive a wide range of secure mobile wallets, said Margrethe Vestager, head of the EU Antimonopoly Authority. Recall that in March, Apple was fined 1.84 billion euros – the first EU fine imposed on the company for obstructing competition from Spotify and other music streaming services through restrictions on its App Store.
