Coin Edition -
- A group of customers has brought a lawsuit against Apple over payment restrictions.
- The filing claims Apple restricted the use of decentralized technology in payment apps.
- The customers want to recover excess fees paid due to the tech giant’s policies.
Technological giant Apple reportedly faces a class-action lawsuit filed by a group of customers who accuse the company of restricting peer-to-peer payment alternatives and crypto payments on IOS payment apps.
Source: PACER
The complaint filed in a California District Court alleges that Apple entered into anti-competition agreements with PayPal’s Venmo and Block’s Cash App. In addition, the customers claim Apple has restricted the use of decentralized technology in payment apps, which has caused users to pay “rapidly inflating prices” on alternative options.
The dissatisfied customers allege the anti-competition practices were made possible through Apple’s use of “technological and contractual restraints.” Furthermore, they mentioned that App Store policies and limitations on web browsers give the company power to control every app installed on iOS devices.
As a result, the customers contend that the control Apple exerts allows it to force apps to abide by certain restrictions. According to the filing, that includes forcing new P2P payment apps to restrict crypto options “as a condition for entry.”
“These agreements limit feature competition—and the price competition that would flow from it—marketwide, including by barring the incorporation of decentralized cryptocurrency technology within existing or new iOS peer-to-peer payment apps,” the filing says.
Per the filing details, the customers stated that Apple’s policies have forced them to pay inflated fees for trades on the iOS P2P payment market. Furthermore, the 58-page class action detailed that the customers seek to recover the excessive fees paid. In addition, the customers want injunctive relief barring Apple from continuing to enter into and enforce anti-competitive agreements, especially against new P2P payment market entrants and competitors.
Earlier in April, the Court of Appeals for the Ninth Circuit claimed that Apple’s app policies had broken California’s antitrust laws. The court found that the company prohibited its applications from linking customers to payment options not affiliated with Apple.
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