Apple Inc. is set to receive an approximate €500 million fine from the European Union for alleged antitrust violations related to stifling competition on its platforms, as reported by Bloomberg. The EU watchdog found Apple guilty of hindering rival music services such as Spotify Technology SA from informing users about cheaper alternatives outside of its App Store. This penalty marks Apple's first-ever fine from the bloc.

The investigation was initiated almost four years ago after a complaint by Spotify, which claimed it had to increase its prices due to Apple's control over the App Store. Apple defended itself by stating that its App Store had helped Spotify become the top music streaming service in Europe. The company reportedly told EU regulators in a closed-door meeting last year that it had addressed any competition concerns raised by Spotify.

In a separate matter, Apple is expected to have its settlement proposal accepted by the EU in an investigation into its tap-and-pay technology. The proposal involves opening up access to its near-field communication chip on iPhones to rival digital wallets for a period of 10 years. This settlement comes after the EU watchdog expressed concerns that Apple had restricted access to the technology, potentially abusing its market power.

EU competition chief Margrethe Vestager has been actively pursuing cases against Big Tech companies to battle dominance in the region. Google has been fined more than €8 billion, while Apple was ordered to repay €13 billion in allegedly unfair tax breaks from Ireland. With the enforcement of the Digital Markets Act scheduled for March 7, the new rules aim to prevent competition violations by tech firms. Key provisions include prohibiting powerful companies from favoring their services over rivals, restricting personal data usage, and allowing users to download apps from competitors' platforms.