According to Reuters, Apple has proposed to open up its tap-and-go technology and NFC module for contactless payments to competitors.
This initiative could resolve allegations by the European regulator of monopolistic practices, potentially sparing Apple from a hefty fine. The company faced accusations in 2022 for restricting NFC access.
The antitrust complaint alleged that Apple’s blocking of NFC access impeded the development of contactless payment services that could compete with Apple Pay.
Apple has maintained that restricting NFC access is essential for maintaining security and privacy. Sources claim that the company generates over $1 billion annually by charging banks a commission of up to 0.15% per transaction.
It is expected that the European Commission will reach out to Apple’s competitors in January to evaluate the company’s proposal. The timeline and certainty of this evaluation are still subject to change, according to insiders.
The proposed changes, specifically opening up the NFC module to external payment services, are likely to be applicable only within the EU.
