Banks and Credit Unions to Team Up Against Apple Pay Fees
A federal judge certified a class of US card issuers suing Apple over Apple Pay transaction fees.
U.S. District Judge Jeffrey White certified a class of U.S. payment-card issuers that enabled Apple Pay and paid Apple a fee, and denied Apple's motion to exclude expert testimony on monopoly power. The 2022 suit alleges Apple collects up to $1 billion a year by limiting rivals' access to the iPhone NFC chip, charging issuers 0.15 percent on credit cards and half a cent on debit cards. Plaintiffs contrast Apple with Android, which supports multiple wallets without issuer fees, and seek repayment plus an injunction. Since the filing, Apple has allowed NFC contactless payments in third-party apps from iOS 18.1 in the US, UK, EEA, and other countries.
- Judge certified a class of US issuers that paid Apple Pay fees.
- Suit alleges up to $1 billion a year from NFC exclusivity.
- Cited fees are 0.15% on credit cards and half a cent on debit.
- Apple opened NFC payments to developers starting in iOS 18.1.
- Vendors
- Apple
- Countries
- United States
From the original article
3 min read at macrumors.com
An antitrust lawsuit accusing Apple of blocking tap-to-pay competition is moving forward and will see banks and credit unions able to band together to sue Apple. U. S.
By Brajeshwar · macrumors.com
A short excerpt; the article and its images belong to the publisher. Summary, key facts and assessment above are AI-written from the article and can be wrong.