Apple backs down to avoid massive fine

The European Union has long investigated the practices of large technology companies and their impact on the market. In the last four years, the focus has been on Apple and its 'tap to pay' payment system. The question of whether Apple abused its dominant position by restricting access to its technology has been the subject of intense antitrust investigations.

However,Apple $AAPL left nothing to chance and may have prevented further regulation and fines by its proactive approach. In a key step towards a more open market, the European Union announced that it would accept Apple's commitment to make its "tap to pay" contactless payment system on iPhones available to competing providers. The decision ends a four-year antitrust investigation that could have led to a significant fine for the tech giant.

The European Commission, the EU's executive body and chief antitrust regulator, said Apple had made commitments that will be legally binding and valid for ten years. The change will apply to…