Apple has reached a settlement with the European Union, agreeing to give free access to its mobile payment technology to competitors.
Bloomberg reports that the European Commission said Thursday that Apple will allow third-party developers to use Apple Pay technology to help them develop alternative mobile wallets.
The agreement is binding for 10 years, and Apple faces fines of up to 10 percent of its global annual revenue if it violates it. The EU had earlier warned that restricting the use of the technology would amount to an abuse of market power.
Eu Competition Commissioner Vestager said: "Apple has committed to allowing competitors to use the iPhone's 'one-click pay' technology... Consumers will have more secure and innovative mobile wallets to choose from."
The two sides have long been at loggerheads over how Apple will comply with EU regulations.
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