Apple sued over antitrust violations for Apple Pay

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Apple Inc. AAPL, -2.06% was sued on Monday in a class-action lawsuit alleging it denies access to Apple Pay mobile wallet technology that could be used to develop competing mobile wallet apps on iOS devices. The lawsuit, filed on behalf of financial institutions and credit unions in San Francisco federal court, seeks unspecified triple damages, and a halt to Apple’s alleged anticompetitive conduct. According to the complaint, Apple “coerces” consumers who use its smartphones, smart watches and tablets into using its own wallet for contactless payments, unlike makers of Android-based devices that let consumers choose wallets such as Google Pay and Samsung Pay. The plaintiff, Iowa’s Affinity Credit Union, claims Apple’s conduct forces the more than 4,000 banks and credit unions that use Apple Pay to pay at least $1 billion of excess fees annually for the privilege. Apple was not immediately available for comment.

This article was originally published by Marketwatch.com. Read the original article here.

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