Apple faces class action lawsuit from Venmo and Cash App users over blocking P2P payments on crypto app

Recently, users of Venmo and Cash App filed a lawsuit in the California District Court, claiming that Apple has entered into anti-competitive agreements with popular payment platforms such as PayPal’s Venmo and Block’s Cash App. The agreements allegedly restricted the use of decentralized cryptocurrency technology in payment applications, resulting in users paying exorbitant prices. The lawsuit accuses Apple of using technical and contractual restrictions, including App Store exclusivity and restrictions on web browser technology, to exert complete control over all apps installed and running on iPhones and iPads. According to the plaintiffs, Apple uses these restrictions to force new iOS P2P payment apps to exclude encryption as a condition of entry into the App Store. As a result, consumers were forced to accept exorbitant fees, and the plaintiffs sought compensation for excessive and overcharging caused by Apple's alleged anti-competitive conduct. It is worth mentioning that in April this year, the Ninth Circuit Court of Appeals ruled that Apple violated California’s competition law by prohibiting apps from directing users to non-Apple payment solutions. (Cryptonews)