Apple Faces Lawsuit For Blocking P2P Crypto Payments

The lawsuit claims that Apple is restraining crypto payments which caused users to pay inflated prices.
Apple Faces Lawsuit For Blocking P2P Crypto Payments Tech

Apple is facing a class-action lawsuit from users alleging that the tech giant is limiting p2p payment options on devices and blocking crypto tech from its iOS payment applications.

The lawsuit, filed in a California District Court on November 17, reveals that Apple has entered into anti-competitive agreements with Venmo and Cash App to restrict the use of crypto in their payment applications. The move essentially caused plaintiffs to pay drastic prices for transactions. 

Apple is also alleged to enforce the use of its App Store application while having “contractual limitations” for web browsers. Customers said that following this way, the company is exercising control over the use of payment apps on its iPhones and iPads. 

“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,” customers said in the court filing.

The lawsuit is seeking to recover excessive and overcharged fees they paid due to these restraints on iOS p2p payment applications. 

Apple has not been very friendly with crypto as previously several crypto-based applications have faced inconveniences due to the nature of “no-intermediary” payments. The tech company is thoroughly delving into apps that use crypto-related tech. It even raised obstacles when Uniswap wanted to launch its wallet application for iOS devices on the App Store. 

Also Read: Atomic Wallet Asks US Court To Dismiss $100M Lawsuit

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