Apple faces a hefty fine and may have to open up its mobile payment system to competitors after EU antitrust authorities accused the iPhone maker of restricting competitors' access to its mobile wallet technology.

This is the second EU charge against Apple since EU regulators accused the company last year of distorting competition in the music streaming market following a complaint by Spotify.

The European Commission has sent a statement of objection to Apple detailing how the company has abused its dominant position in mobile wallet markets for iOS devices.

The commission said Apple's anti-competitive practices date back to 2015, when Apple Pay was launched.

Apple, which could face a fine of up to 10% of its global turnover, or $36.6 billion based on its revenue last year, said it would continue to engage with the Commission.