The European Union flag is displayed on a mobile phone screen in front of the Apple logo on July 2, 2024.
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LONDON – The European Union's antitrust authorities on Thursday accepted commitments from apple Allowing competitors to access its instant payment technology, ending a four-year investigation.
“The Commission has decided to accept the commitments made by Apple,” EU antitrust chief Margrethe Vestager said at a news conference. “These commitments address our initial concerns that Apple may have imposed an unlawful restriction on competition when it comes to mobile wallets on iPhones.”
The European Union officially launched an antitrust investigation into Apple Pay in 2020. The investigation looked into the terms and conditions Apple set for integrating Apple Pay into apps and websites as well as concerns about the payment technology and alleged denial of access to Apple Pay.
In 2022, the European Commission found that Apple Pay could limit competition because it was the only option for iPhone users. Since then, Apple has proposed several commitments to address the concerns, and in January it offered to give its competitors access to its contactless payment technology and mobile wallet.
Vestager said the European Commission tested Apple's commitments in January and February to gather feedback on the proposals and make an assessment.
The committee said it has now concluded that Apple's final commitments address concerns about the tech giant's restrictions on allowing third parties access to its payments and mobility technology, and that the changes are now legally binding on Apple.
Apple did not immediately respond to CNBC's request for comment.
This breaking news story is being updated.
