Apple has avoided the threat of a fine from European Union regulators by agreeing to open up its Tap-and-Pay mobile wallet technology to other companies within ten years, Bloomberg reports.
The agreement ended an investigation into the US tech giant's payment technology. Earlier, the EU had warned that restricting access to this technology was an abuse of market power.
According to the EU's decision, consumers in Europe will be able to use alternative digital wallets to pay for goods and services at checkouts. The obligations remain binding for 10 years, and in case of violation of the agreement, Apple faces a fine of up to 10% of its global annual revenue.
Apple's Digital Wallet allows consumers to store virtual debit and credit cards on their iPhones, as well as book tickets. The EU proposal would allow third-party developers to access Apple's payment technology to help them create alternative mobile wallets.
The closure of the investigation marks a brief respite in relations between the EU and Apple. Earlier this year, the company appealed against a €1.8 billion fine imposed by the EU for hindering fair competition among music streaming services, including Spotify Technology SA.
The company was also forced to revise its iOS, Safari, and App Store policies in the EU to comply with the Digital Markets Act (DMA), against which it has filed a number of lawsuits.