09:55 AM EDT, 06/18/2024 (MT Newswires) -- (Updates with response from the European Commission in the fifth paragraph.)

Apple ( AAPL ) is settling a European Union probe into its mobile payments system by offering concessions to allow competitors access to its contactless technology, the Financial Times reported Tuesday, citing three unnamed people familiar with the matter.

The settlement is likely to be reached in the next few weeks as Apple ( AAPL ) works on final technical details, the report added, citing the people.

The European Commission may still object to Apple's ( AAPL ) commitments and the timing of a settlement could change, the report said, citing the sources.

The regulators had alleged the company was stopping peers from accessing "tap-and-go" chips or near-field communication to benefit its Apple Pay system.

The European Commission declined to comment on the matter, while Apple ( AAPL ) did not respond to MT Newswires' request for comment.

(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

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