On July 11th, Apple reached a settlement agreement with the European Union, agreeing to offer its "tap and go" mobile payment technology to competitors for free, with a binding period of ten years. If Apple violates the agreement, it will face a fine of up to 10% of its global annual revenue.
Two years ago, the European Commission accused Apple of blocking other mobile payment app developers from using its "pay as you go" technology, known as Near Field Communication (NFC), to hinder competition. In January of this year, Apple proposed allowing competitors to use NFC technology on iPhones, iPads, and other Apple mobile devices for free without the need for Apple Pay or Apple Wallet.