Apple to face Apple Pay antitrust lawsuit
By MYBRANDBOOK
A US judge has ordered Apple to face an antitrust suit alleging that the company has abused its dominance in the mobile payments market through its Apple Pay service. Apple was ordered to face a private antitrust lawsuit by payment card issuers accusing the company of thwarting competition for its Apple Pay mobile wallet.
U.S. District Judge Jeffrey White said the plaintiffs could try to prove that Apple violated the federal Sherman antitrust law by enforcing a 100% monopoly over the domestic market for tap-and-pay wallets for iPhones, iPads and Apple Watches.
The lawsuit was filed by a group of credit unions and alleges that Apple charges excessive fees to banks and merchants that use Apple Pay, and that it has stifled competition by denying other mobile wallet providers access to the NFC chip in iPhones.
The judge's ruling is a significant victory for the plaintiffs, as it means that they will now have the opportunity to present their case in court. If the plaintiffs are successful, it could force Apple to change its business practices and could open up the mobile payments market to more competition.
According to the complaint, Apple's conduct forces more than 4,000 banks and credit unions that use Apple Pay to pay at least $1 billion of excess fees, and harms consumers by minimizing the incentive to make Apple Pay safer and easier to use.
Apple has denied the allegations in the lawsuit and has said that it will appeal the judge's ruling. The company has also said that Apple Pay is a pro-competitive product that has benefited consumers and merchants alike.
The outcome of this lawsuit could have a significant impact on the mobile payments market. If Apple is forced to change its business practices, it could open up the market to more competition and could lead to lower fees for banks, merchants, and consumers.
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