In 2022, regulators accused Apple of abusing its dominant position by restricting access to its mobile payment technology.

Apple proposed allowing third-party mobile wallet and payment service providers access to the contactless payment function in its iOS operating system.

After adjustments based on testing and feedback, the commission accepted these "final commitments."

Margrethe Vestager, the commission's executive vice-president for competition policy, emphasised that these commitments benefit both competitors and customers.

Apple will now enable developers in the European Economic Area to offer NFC contactless payments and transactions.

Apple must open up its payment system in the EU's 27 countries, plus Iceland, Norway, and Liechtenstein, by 25 July.

Developers can now create mobile wallets on the iPhone with the same "tap-and-go" experience previously exclusive to Apple Pay.

The changes will remain in effect for a decade and a trustee will monitor compliance.

If Apple does not follow the rules it could face a fine of ten per cent of its annual global revenue which should make the EU rather well off economically.