Apple has recently resolved an antitrust investigation by the European Union (EU) by agreeing to open up its mobile wallet technology to other providers for free over the next decade, according to a report by Bloomberg. This move comes after the EU raised concerns about Apple’s restriction of access to its “tap and go” technology, which was seen as an abuse of its market power.

Margrethe Vestager, the EU’s competition chief, announced that Apple has committed to allowing rivals to access the “tap and go” technology of iPhones. This decision aims to prevent Apple from excluding other mobile wallets from its ecosystem. As part of the settlement, consumers in Europe will now have the option to use alternative digital wallets for their purchases at checkouts. This commitment will be in effect for ten years, with Apple facing fines of up to 10% of its global annual revenue if it fails to comply.

This agreement marks a temporary truce between the EU and Apple, who have had a rocky relationship over regulatory compliance in Brussels. Earlier this year, Apple contested a €1.8 billion ($2 billion) fine imposed by the EU for hindering competition from music-streaming services like Spotify. This fine came after a previous dispute over a €13 billion tax bill related to Irish state aid.

Apple’s digital wallet allows users to store virtual debit and credit cards, as well as tickets, on their iPhones. The settlement also includes Apple’s offer to allow third-party developers access to its payment technology, enabling them to create alternative mobile wallets. The European Commission has welcomed this move, stating that it will encourage competition and innovation in the digital payments market.

Overall, this resolution between Apple and the EU is a positive step towards promoting fairness and competition in the telecommunications industry. It shows a commitment from both parties to work together towards creating a more open and inclusive market for consumers in Europe.