Apple Faces Lawsuit For Blocking Crypto Payment Tech

Paigambar Mohan Raj
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Source: Inc.Magazine

Apple is facing a lawsuit from consumers who claim that the company is limiting peer-to-peer payment options. Plaintiffs also claim the company is blocking crypto technology on iOS payments apps.

The complaint filed in a California District Court on Nov. 17 said that Apple allegedly entered anti-competitive agreements with PayPal’s Venmo and Block’s Cash App. As per the filing, the company allegedly wants to restrict the use of decentralized crypto technology in payment applications. According to the filing, the company’s actions have led to users paying rapidly inflating prices.

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As per the filing, “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.

Source: PACER

Furthermore, the complaint alleges that Apple utilizes “technological and contractual restraints.” These restraints include hardware-enforced App Store exclusivity and “contractual limitations on web browser technology” to “exercise unfettered control over every app installed and run on iPhones and iPads.”

What are the plaintiffs’ demands from Apple?

Source: Economic Times

The plaintiffs aim to recover funds for the excessive fees and overcharging, allegedly due to Apple’s actions. The lawsuit sheds light on the history and rise of peer-to-peer payment applications and crypto assets. It also notes Apple’s entry into the crypto market.

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Moreover, this is not the first time the tech giant has faced a lawsuit for blocking applications. In April, the Court of Appeals for the Ninth Circuit found the company guilty of violating California’s competition laws. As per the ruling, the company did not allow applications to take users to non-Apple-linked payment methods.

The tech giant has not released any statement, and we are yet to see how the lawsuit will unfold.