Apple Settles App Store Payments Probe With EU To Avoid Fine

Apple (AAPL) has settled its "tap and go" payments probe pinch nan European Commission (EC), the European Union (EU)'s enforcement arm, opening its mobile wallet to rivals for free successful a bid to debar antitrust fines.

The Commission said Thursday that it has accepted commitments from Apple to let rivals entree to nan company's payments technology, pursuing its long-running investigation into Apple Pay.

"Apple's refusal excluded Apple Pay's rivals from nan marketplace and led to little invention and prime for iPhone mobile wallets users," it said.

Under nan settlement, iPhone users successful Europe will beryllium capable to usage third-party mobile wallet and costs services erstwhile they make purchases. The commitments will stay for 10 years passim nan European Economic Area (EEA).

The EC said it could enforce a good of up to 10% of Apple's full yearly turnover if nan iPhone shaper doesn't grant its commitments to nan bloc.

Apple Faces Other EU Antitrust Allegations

Apple's travails pinch European antitrust regulators aren't over, however.

Last month, Apple’s was preliminarily found successful violation of Europe's Digital Markets Act (DMA) because users allegedly are not capable to beryllium "steered" distant from nan App Store to make payments and find amended offers arsenic easy arsenic they should be.

Apple shares were small changed successful premarket trading but person risen astir 20% this year.