Apple (NASDAQ:AAPL) has agreed to open its tap-and-go mobile payments system to competitors, EU antitrust regulators announced on Thursday.

This move concludes a four-year investigation that could have led to substantial fines for the tech giant.

In a rare concession, Apple has chosen to settle with the EU competition watchdog, which has been examining its business practices under the Digital Markets Act (DMA). Apple currently faces three separate investigations under the DMA.

The European Commission, which oversees EU antitrust enforcement, confirmed that Apple’s commitment will remain in effect for the next decade.

EU antitrust chief Margrethe Vestager stated, "From now on, competitors will be able to effectively compete with Apple Pay for mobile payments with the iPhone in shops. So consumers will have a wider range of safe and innovative mobile wallets to choose from."

Apple’s near-field communication (NFC) technology, which facilitates contactless payments with mobile wallets, will now be accessible to developers for pre-building payment apps for rival mobile wallet providers.

Apple's proposal includes enabling European developers to offer tap-and-go payments for various applications, including car keys, closed-loop transit, corporate badges, home keys, hotel keys, merchant loyalty/rewards, and event tickets within their iOS apps.