In-Brief:
- Consumers sue Apple for anti-competitive practices involving payment apps.
- The lawsuit alleges that Apple restricts crypto technology in Venmo and Cash App apps.
- Plaintiffs seek compensation for high fees and legal changes to prevent future restrictions.
Apple, a tech giant, is being sued by customers in a class-action lawsuit. They claim Apple is involved in unfair practices by limiting the use of crypto technology in popular payment apps like Venmo and Cash App. The lawsuit argues that Apple’s control over app installation and operation on iPhones and iPads is too strict.
This includes agreements that force new iOS peer-to-peer (P2P) payment apps to leave out cryptocurrency options. According to the lawsuit, these actions restrict competition and keep decentralized crypto technology out of iOS P2P payment apps.
The plaintiffs, affected by these practices, are seeking money for the high fees they’ve paid and legal changes to stop Apple from making such restrictive agreements. The lawsuit, which spans 58 pages, dives into the history of P2P payment apps and cryptocurrencies and Apple’s role in this market.