By David SachsApple said it will address antitrust concerns from European regulators surrounding the popular Apple Pay app by allowing access to third-party mobile wallet and payment services. "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 said. Other concessions include applying the third-party allowance to all mobile wallet app developers in the EEA, which includes Iceland, Liechtenstein and Norway, the Commission said. If Apple doesn't abide by its commitments, the EU can fine it 10% of its worldwide revenue, the Commission said, without having to prove that Apple broke antitrust rules. When consumers use their mobile device to pay, they will be able to decide between using Apple Pay or an app that's been enabled by iOS, Apple said.

Source: Wall Street Journal January 20, 2024 00:29 UTC