Apple Accused of Anti-Competitive Behavior
According to a complaint filed in a California District Court, Apple is facing a class action lawsuit from Venmo and Cash App users for allegedly engaging in anti-competitive conduct in the iOS P2P payments market. The lawsuit alleges that Apple abused its market power, resulting in inflated fees for customers and violating US anti-trust laws.
Apple is accused of entering into anti-competitive agreements with Venmo and Cash App, limiting the use of decentralized crypto technology in payment apps. The plaintiffs claim that Apple’s technological and contractual restraints have allowed the company to exercise unfettered control over every app installed and run on iPhones and iPads, resulting in increased prices for transactions and services. The lawsuit seeks an injunction that could force Apple to divest or segregate its Apple Cash business.
Violation of Anti-Trust Laws
Four consumers have accused Apple of abusing its power in the iOS P2P payments market, leading to rapidly inflating prices. The lawsuit alleges that Apple violated US anti-trust laws by making anti-competitive agreements with Venmo and Cash App, which restricted the use of decentralized cryptocurrency technology in payment apps. The plaintiffs claim that Apple, Venmo, and Cash App continuously raised prices for transactions and services without any competitive check.
Seeking an Injunction
In addition to seeking an injunction to force Apple to divest or segregate its Apple Cash business, the plaintiffs are also accusing Apple of forcing new iOS payment apps to prohibit crypto as a condition for entry. This lawsuit sheds light on the potential anti-competitive conduct of technology giant Apple in the iOS P2P payments market, and the potential implications for customers using Venmo and Cash App.
Hot Take: What Could This Mean for Apple and the Cryptocurrency Market?
Apple’s alleged abuse of its market power and its anti-competitive agreements with Venmo and Cash App could have significant implications for the cryptocurrency market and the availability of decentralized crypto technology in payment apps. If the lawsuit is successful, it could force Apple to make changes to its Apple Cash business and the agreements with payment apps, potentially opening up new opportunities for decentralized crypto technology in the iOS P2P payments market.
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