News

Affinity Credit Union sues Apple Pay over anti-competitive behaviour

Tuesday 19 July 2022 08:58 CET | News

US-based not-for-profit company Affinity Credit Union has filed an official complaint against tech giant Apple for illegally profiting from Apple Pay and breaking antitrust laws.

The lawsuit alleges that Apple has restricted contactless payments on iOS devices to Apple Pay and charged payment card issuers fees to use the mobile wallet, engaging in anti-competitive behaviour.

Android users have several options for contactless mobile wallets, while iOS users are restricted to using only the tap-to-pay tech provided by Apple Pay. And, while iPhone and iPad users can download the Google Pay app on their smart devices, they can’t use it as a payment method to make contactless payments in stores. 

Additionally, Android does not charge payment card issuers any fees on any of its supported mobile wallets. Meanwhile, Apple Pay will charge card issuers a 0,15% fee on credit transactions and 0,5% for all debit transactions, which led to over USD 1 billion in extra revenues per year, according to the lawsuit.

Apple is facing similar accusations over its payment system in the EU as well, where an antitrust commission said, back in May 2022, that the tech company is illegally blocking third-party developers from enabling contactless payments on iOS devices.

More: Link


Free Headlines in your E-mail

Every day we send out a free e-mail with the most important headlines of the last 24 hours.

Subscribe now

Keywords: Android, Issuer, Tap-to-Pay, digital wallet, e-wallet, mobile payments, mobile money, scheme fee, contactless payments
Categories: Payments & Commerce
Companies: Affinity Credit Union, Apple, Apple Pay
Countries: United States
This article is part of category

Payments & Commerce

Affinity Credit Union

|

Apple

|

Apple Pay

|
Discover all the Company news on Affinity Credit Union and other articles related to Affinity Credit Union in The Paypers News, Reports, and insights on the payments and fintech industry:





Industry Events