Sued by Venmo and Cash App customers
In a proposed class action, Apple has been sued by Venmo and Cash App customers, claiming the iPhone maker abused its market power to curb competition for mobile peer-to-peer payments, causing consumers to pay “rapidly inflating prices.”
Four consumers in New York, Hawaii, South Carolina and Georgia filed the lawsuit in federal court in San Jose, California. They claim Apple violated US antitrust law through its agreements with PayPal’s Venmo and Block’s Cash App.
Apple’s agreements limit “feature competition” within peer-to-peer payment apps, including prohibiting existing or new platforms from using “decentralised cryptocurrency technology,” the complaint said.
The lawsuit seeks an injunction that could force Apple to divest or segregate its Apple Cash business.
