Apple Faces Lawsuit for Blocking Crypto Peer-to-Peer Payment Services
In Brief
Displeased consumers have initiated a class-action lawsuit against Apple, accusing it of participating in anti-competitive crypto practices.
Displeased consumers have initiated a class-action lawsuit against tech giant Apple, accusing the company of participating in anti-competitive practices.
According to plaintiffs, the company entered into agreements with PayPal’s Venmo and Block’s Cash App to restrict the use of decentralized cryptocurrency technology in payment apps, resulting in users paying rapidly inflating prices.
Apple uses technological and contractual limitations, including hardware-enforced App Store exclusivity and contractual limitations on web browser technology, for unfettered control over the installation and operation of every app on iPhones and iPads, the lawsuit contends.
With these restraints, Apple forces new to market iOS P2P payment apps to exclude cryptocurrency “as a condition for entry”.
These alleged anti-competitive agreements not only limit feature and price competition but also prevent the incorporation of decentralized cryptocurrency technology in existing or new iOS Peer-to-Peer Payment apps.
Plaintiffs Against Apple’s Anti-competitive Conduct
The plaintiffs, identifying themselves as customers who have paid inflated fees as a result of Apple’s trade restraints within the iOS P2P payment market.
They are pursuing compensation for excessive fees and overcharging, due to the company’s alleged anticompetitive conduct. Additionally, they seek injunctive relief to prevent the company from entering into and enforcing anticompetitive agreements that restrict competitors and potential entrants in the iOS P2P payment market.
The 58-page class action involves a detailed history and evolution of peer-to-peer payment apps and decentralized cryptocurrencies, along with Apple’s entry in this market.
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
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Alisa is a reporter for the Metaverse Post. She focuses on investments, AI, metaverse, and everything related to Web3. Alisa has a degree in Business of Art and expertise in Art & Tech. She has developed her passion for journalism through writing for VCs, notable crypto projects, and scientific writing. You can contact her at alisa@mpost.io
