Apple Pay illegally profited by walling off contactless payments, lawsuit alleges
A proposed class-action lawsuit filed on behalf of payment card issuers accuses Apple of illegally profiting from Apple Pay and breaking antitrust laws. Iowa's Affinity Credit Union is listed as the plaintiff in the, filed today in the US District Court for the Northern District of California.
While Android users have options for contactless mobile wallets, iOS users can only use tap-to-pay technology through Apple Pay. In other words, while iPhone users can download the Google Pay app, they can’t use it to makein stores. Android doesn’t charge payment card issuers for use of any supported mobile wallet. But it’s a different story for Apple Pay, which charges card issuers a 0.15% fee on credit transactions and half of a cent on debit transactions.
“In the Android ecosystem, where multiple digital wallets compete, there are no issuer fees whatsoever, ” said the complaint. “The upshot is that card issuers pay a reported $1 billion annually in fees on Apple Pay and $0 for accessing functionally identical Android wallets. If Apple faced competition, it could not sustain these substantial fees.”
The suit alleges that by restricting iOS users to only Apple Pay for contactless payments, Apple is blocking competing mobile wallets from the market. Payment card issuers are essentially forced to pay Apple’s transaction fees if they want to offer their service to iPhone users. Apple is facing a similar challenge over its payment system in the EU, where an antitrust commission in May said that the
Österreich Neuesten Nachrichten, Österreich Schlagzeilen
Similar News:Sie können auch ähnliche Nachrichten wie diese lesen, die wir aus anderen Nachrichtenquellen gesammelt haben.
Uber will pay $2.2 million to settle claims it overcharged riders with disabilities | EngadgetUber has agreed to pay at least $2.2 million to settle DOJ claims it overcharged people with disabilities..
Weiterlesen »
Apple sued over antitrust violations for Apple PayApple Inc. undefined was sued on Monday in a class-action lawsuit alleging it denies access to Apple Pay mobile wallet technology that could be used to...
Weiterlesen »
Apple may release M2 14-inch and 16-inch MacBook Pros as early as this fall | EngadgetLess than a year after announcing the 14-inch and 16-inch MacBook Pros, Apple reportedly plans to update those devices as soon as this fall..
Weiterlesen »
NIH-Funded Game Will Pay You To Quit SmokingHennepin Healthcare researchers investigate a smoking cessation game The Hennepin Healthcare Research Institute is evaluating a novel method of quitting smoking by allowing participants to wager on themselves and earn real money. It is a part of a brand-new game called QuitBet, which is supported b
Weiterlesen »
Why Regulation Will Help The Buy Now, Pay Later GiantsRather than slowing growth in the BNPL sector, regulatory scrutiny will help it grow up by shutting out smaller lenders, boosting the industry’s reputation and integrating it into the credit reporting system.
Weiterlesen »
Workers are picking up extra jobs just to pay for gas and foodPrices are rising faster than wages, and more Americans than ever are working two full-time jobs simultaneously.
Weiterlesen »