Banks and Credit Unions to Team Up Against Apple Pay Fees
2 hours ago
- An antitrust lawsuit accusing Apple of blocking tap-to-pay competition is moving forward, with a class certified by a federal judge.
- The class includes U.S. entities that issued payment cards enabled for Apple Pay and paid fees to Apple.
- The lawsuit alleges Apple illegally collects up to $1 billion annually in fees by preventing rivals from accessing the iPhone's NFC chip.
- Apple charges card issuers a 0.15% fee for credit cards and $0.005 for debit cards on Apple Pay transactions.
- The complaint compares Apple's practices to Google's Android, which supports multiple wallets and does not collect fees.
- Apple has since changed policies with iOS 18.1, allowing developers to offer NFC contactless payments in their apps.
- Attorneys seek repayment of fees and an injunction to stop Apple's policies.