Apple Sued by Venmo, Cash App Users Over Peer-to-Peer Payment Fees

Plaintiffs allege misuse of market power, seek to halt anti-competitive agreements and demand divestment of Apple Cash business.

Four consumers of Venmo and Cash App have filed a proposed class action lawsuit against Apple, accusing the tech giant of abusing its market power to curb competition for mobile peer-to-peer payments.
The lawsuit alleges that Apple's agreements with PayPal's Venmo and Block's Cash App limit feature competition and price competition, including barring the incorporation of decentralized cryptocurrency technology within existing or new iOS Peer-to-Peer Payment apps.
The plaintiffs seek injunctive relief that would stop Apple from continuing to enter and enforce its anti-competitive agreements, and also demand that Apple segregate or divest its Apple Cash business to prevent further harm to consumers.
The lawsuit also claims that Apple's blocking of certain cryptocurrency wallets from the App Store has stifled competition and allowed transfer fees between digital wallets on iPhone to increase without options for consumers.
This lawsuit adds to Apple's recent antitrust issues, including a ruling in September 2023 that payment card issuers can sue Apple over alleged anti-competitive practices involving its Apple Pay mobile wallet.