In the "latest example of European authorities cracking down on the world's largest tech companies," European Union regulators on Monday accused Apple of breaking antitrust laws by unfairly boxing out competitors of its Apple Pay payment service, The New York Times reports.
Per the European Commission, Apple has "abused its dominance in consumer electronics" by not allowing companies like PayPal to access the Apple Pay technology in the iPhone and Apple Watch, the Times writes.
Margrethe Vestager, the European Commission executive vice president in charge of antitrust enforcement, announced Monday's charges, which followed an investigation that began back in 2020. Apple will be allowed to respond before the executive body shares a final judgment.
"Mobile payments play a rapidly growing role in our digital economy," Vestager said in a statement. "We have indications that Apple restricted third-party access to key technology necessary to develop rival mobile wallet solutions on Apple's devices."
Apple said Monday that its policies do not limit competition, per the Times.
"We will continue to engage with the commission to ensure European consumers have access to the payment option of their choice in a safe and secure environment," the tech giant wrote in a statement.
Apple is now facing a possible fine of up to 10 percent of its global revenues. It may also end up reaching a deal with regulators, the Times notes.