Apple Accused of Restricting Payment Options and Crypto Technology in Class-Action Lawsuit
Summary:
Apple faces a class-action lawsuit from displeased customers claiming the company has restricted peer-to-peer payment options and blocked crypto technology on iOS payments apps. The suit alleges that Apple formed anti-competitive agreements with PayPal's Venmo and Block's Cash App, resulting in rising costs for users. The plaintiffs argue that Apple uses technological and contractual constraints to maintain control over all apps on iPhones and iPads, including stipulations that limit the use of crypto technology. They seek compensation and injunctions against Apple's alleged anti-competitive practice.
A class-action lawsuit has been leveled against technological powerhouse Apple, with individuals expressing their dissatisfaction over the company's alleged collusion to restrict peer-to-peer payment choices on their devices and inhibit crypto technology within iOS payments applications. The lawsuit, filed in a California District Court on November 17, charges Apple with anti-competitive collusion with PayPal's Venmo and Block's Cash App, limiting the application of decentralized cryptocurrency technology in payment apps, leading to soaring costs for customers.
The claimants argue that agreements like these stifle competitive capabilities, including price competition exemplified by the restriction on the adoption of decentralized cryptocurrency technology in iOS peer-to-peer payment software. The dossier indicates that Apple employs both technological and contractual barriers, such as exclusive App Store implementation via hardware and "contract conditions imposed on web browsing technology." These measures give Apple unrestricted control over each application on their iPhones and iPads, enabling the company to force emerging iOS peer-to-peer payment software to exclude cryptocurrency for entry, so alleges this legal claim.
Selected from the lawsuit in which Apple is accused of hindering decentralized payment innovation, according to PACER, the group of plaintiffs describe themselves as Apple customers who have been charged exorbitant fees as a result of Apple's trade limitations in the iOS peer-to-peer payment market. They hope to recoup the undue costs and overcharges caused by Apple's purported anti-competitive behavior and seek an injunction to prevent the company from enforcing further anti-competitive agreements that hinder iOS peer-to-peer payment market rivals and potential entrants.
Looking at the related matter, the existing tax rules of Apple, imposing a 30% levy, will remain in effect. However, developments in cryptocurrencies and NFTs may be on hold. The class-action suit offers a 58-page account of the evolution and popularity of peer-to-peer payment applications and decentralized cryptocurrencies—and Apple's part in this market. The Ninth Circuit Court of Appeals ruled in April that Apple contravened California's competition regulations by not permitting applications to guide users towards non-Apple payment solutions.
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Published At
11/21/2023 4:47:53 AM
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