EU to greenlight Apple's tap-to-pay tech offer next month
What's the story
Apple is preparing to broaden its tap-to-pay mobile payments technology access, to developers within the European Union, according to Reuters.
This could potentially resolve a two-year legal dispute with EU regulators, who are expected to approve Apple's proposal in the upcoming month.
In 2022, the European Commission accused Apple of exploiting its "dominant position in markets for mobile wallets" by blocking third-party payment apps, from accessing iPhone's NFC hardware "to the benefit of its own solution," Apple Pay.
Agreement details
Proposal to permit third-party payment providers
Earlier this year, the European Commission disclosed that Apple had agreed to allow third-party payment providers to use the iPhone's NFC capabilities.
As per Reuters, Apple's proposal would also enable developers to utilize Face ID for user authentication, and allow iPhone users to select third-party apps as their default payment method.
However, before approving Apple's proposal in May, the Commission has requested some modifications from the tech giant.
Implications
Potential impact of Apple's proposal approval
If approved, the agreement between Apple and the European Commission would remain in effect for a decade.
However, it remains unclear whether these changes will be implemented beyond the EU.
As of now, Apple has not confirmed if it plans to extend NFC access to developers based in other regions.
This development could significantly impact the mobile wallet market, and potentially alter the dynamics of mobile payments.