Citing three people familiar with the matter, The Financial Times reported that the regulators in the bloc have accepted a number of measures that Apple had committed to in January this year.
The European Commission, the executive arm of the EU, charged the iPhone-maker in 2022 with breaking competition law, arguing that the tech company has been preventing competitors from accessing “tap-and-go” chips or near-field communication (NFC) to benefit its own Apple Pay system.
The report said that Apple is still working to iron out the technical details but a settlement is likely in the next few weeks. The people, however, told the publication that the commission may still have issues with the commitments by the iPhone-maker and the timing of a settlement may shift.
How this settlement will save Apple billions
If the report is true, the agreement will help Apple avoid potential financial penalties, which is a fine. Under EU regulations, potential fines for antitrust violations can reach up to 10% of a company’s global annual revenue. In Apple’s case, this could have amounted to approximately $40 billion based on their 2023 revenue figures.
What Apple has to say
Apple declined to comment but pointed to an earlier statement.
“Through our ongoing discussions with the European Commission, we have offered commitments to provide third-party developers in the European Economic Area with an option that will enable their users to make NFC contactless payments from within their iOS apps, separate from Apple Pay and Apple Wallet,” that statement said.
“Apple Pay will continue to be a broadly available option, and over 3,000 issuing banks across all EEA countries will still be able to offer the unparalleled privacy and security of Apple Pay, as well as its great user experience,” it added.