Apple has agreed to open its tap-and-go payments system to rivals in Europe, European Union antitrust regulator has said. This means that the iPhone maker will avoid the threat of fines by allowing rival wallet developers to use contactless mobile payments technology of Apple Pay for 10 years.

“The Commission has decided to accept commitments offered by Apple. These commitments address our preliminary concerns that Apple may have illegally restricted competition for mobile wallets on iPhones,” said European Commission EVP Margrethe Vestager, who heads up the EU’s competition…