2023-09-29 19:28:00
Three US credit unions have filed an antitrust lawsuit against Apple Pay, accusing the payments system of monopolizing the market and charging very expensive processing fees for third parties to use its services. Additionally, companies complain about the necessary hardware, which would not be accessible to other digital wallets.
This supposed monopoly would make Apple’s transition to Android difficult, as it results in the loss of wallet. Apple Pay is only available on Apple devices and not Android devices, and this limits usage to only a certain group of people.
This is not the first time that Apple Pay has suffered due to its possible monopolization of the market. Apple faced similar problems in European Union regions. In the USA, The case should be brought to court in Decemberdespite Apple’s request to the responsible judge.
The authors of the process claim that Apple “coerces” users of its products to make payments using its internal payment service. Additionally, companies that use Apple Pay end up paying a combined $1 billion in excess fees, which harms customers.
In its defense, Apple says it charges nominal fees to all cardholders to keep costs down. They also argue that Apple Pay users are not under any pressure to use the payment platform.
If Apple loses, it may need to make some adjustments to its payment service, making it more accessible to everyone.
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