The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Sega

Venmo, Cash App users sue Apple over peer-to-peer payment fees

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2023-11-20 19:30:03

The Apple Inc. logo is seen hanging at the entrance to the Apple store on 5th Avenue in Manhattan, New York, U.S., October 16, 2019. REUTERS/Mike Segar/File Photo Acquire Licensing Rights

Nov 20 (Reuters) - Apple Inc (AAPL.O) has been sued by Venmo and Cash App customers in a proposed class action 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 on Friday in San Jose, California, federal court. They alleged Apple violated U.S. antitrust law through its agreements with PayPal's (PYPL.O) Venmo and Block's (SQ.N) Cash App.

Apple's agreements limit "feature competition" within peer-to-peer payment apps, including prohibiting existing or new platforms from using "decentralized cryptocurrency technology," the complaint said.

The case adds to Apple's recent antitrust headaches. A U.S. judge in California in September ruled that payment card issuers can sue Apple over alleged anticompetitive practices involving its Apple Pay mobile wallet.

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