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Apple settles EU case by opening its iPhone payment system to rivals

Changes will remain in force for a decade after regulators accused tech giant of abusing its dominant market position

The EU on Thursday accepted Apple’s pledge to open its “tap to pay” iPhone payment system to rivals as a way to resolve an antitrust case and head off a potentially hefty fine. A sweeping justice department lawsuit filed in March accuses the company of engineering an illegal monopoly in smartphones, including charges that it limits access to contactless payment for third-party digital wallets. “The main advantage to the issuer bank of supporting an alternative to Apple Pay via iPhone is the reduction in fees incurred, which can be substantial,” said Philip Benton, a principal analyst at research and advisory firm Omdia.

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