Apple vows to open up NFC on iPhones to rivals in a bid to sidestep potential EU antitrust action

Apple Pay
In an attempt to appease EU regulators, Apple offers a decade-long truce, inviting competitors to share its coveted iPhone tap-to-pay NFC technology.:
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The European Commission announced Friday that it’s seeking feedback from Apple’s payment rivals. If competitors conclude that the deal fixes the EU’s concerns, then the concessions become legally binding.
Should the US tech giant fail to honor the offer, it could still be hit with a fine of up to 10% of its worldwide revenue.

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MacDailyNews Take: Apple’s total net sales in its 2023 financial year: $383.29 billion.

Apple’s digital wallet solution allows consumers to store virtual debit and credit cards on iPhones, in addition to ticket bookings. Its tap-to-pay tech, the NFC chip, allows payments to be processed via a card reader at a cash register.
Apple maintains strong restrictions on access to the NFC antenna, setting high standards for rival payment providers, which those competitors claim violates the EU’s competition rules.

MacDailyNews Take: As we wrote last month, “As long as it can be done securely, who cares? Most Apple device users trust and will continue to use Apple Pay.”
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