In an attempt to avoid potentially massive European Union antitrust fines, Apple Inc. has made a commitment to open up its prestigious tap-to-pay technology on iPhones to competitors.
This move is Apple’s response to an antitrust probe that raised concerns about the company’s business practices. Specifically, whether Apple is taking advantage of its monopolistic control over the iPhone’s Near Field Communication (NFC) chip – a key component in contactless payment systems like Apple Pay – to edge out competition.
By deciding to permit rivals to access iPhone’s tap-to-pay capabilities, Apple hopes to settle the EU’s antitrust probe which threatened to impose hefty fines and mandate significant changes to the company’s operations.
More details can be found here: Bloomberg Law.