Photo by Zhiyue on Unsplash
Venmo and Cash App Users Sue Apple Over Antitrust Laws
November 21, 2023
Apple Inc. finds itself at the center of an antitrust lawsuit. The claimants, four Venmo and Cash App users, contend that Apple exploits its influential market position in the mobile peer-to-peer payment sector, stifling competition and artificially inflating prices. According to the plaintiffs, Apple’s aforementioned business conduct breaches U.S. antitrust regulations.
The four plaintiffs hail from various U.S. states, and “they claim that Apple’s agreements with Venmo and Cash App have limited ‘feature competition’ and resulted in rapidly inflating prices for transactions and services, with no competitive checks.” Initiated in San Jose’s federal court in California, the lawsuit demands an injunction that could compel Apple to divest or partition its Apple Cash operations.
The complaint further alleges that Apple explicitly rejected Bitcoin wallet apps Zeus and Damus from its App Store and that these agreements hinder feature competition such as the incorporation of decentralized cryptocurrency technology within peer-to-peer payment platforms. The plaintiffs suggest that a peer-to-peer app leveraging decentralized crypto technology would enable iPhone users to send payments to one another directly, bypassing any intermediary.
This new development adds to the mounting problems Apple is facing from different fronts. The tech company has come under fire for its alleged anticompetitive distribution system concerning iOS applications.
A significant setback for Apple surfaced in April when an appeals court reached a decision against the tech leader. The court opposed the company’s rules that prevent app developers from guiding users toward alternate payment mechanisms. This decree emphasized the pivotal issue at hand, highlighting the potential imbalance within the mobile application marketplace.
Moreover, the journey of cryptocurrency applications on Apple’s App Store has been far from smooth due to the company’s stringent guidelines and profit-sharing protocols. These apps are encountering significant obstacles in regard to maintaining their presence on the platform, further raising concerns about the fairness of Apple’s policies.
Recent News
Media Giants Depend on Sports As Content Shortages Rise
As Hollywood emerges from last year’s strikes, major media companies are turning to live sports to attract audiences and advertisers. This trend was evident during this year’s Upfront presentations, where media giants showcased their upcoming content and advertising opportunities.
New Trader Joe’s Opens in SF After 10 Years
San Francisco’s Hayes Valley neighborhood welcomed a highly anticipated new addition on May 17, 2024, with the grand opening of a Trader Joe’s at 555 Fulton St., on the corner of Laguna Street. This event marks the end of a decade-long wait for residents who have been eagerly looking forward to a new grocery store in their area.
China’s Property Market Boost: Stocks Surge, Copper Hits Highs
The Chinese government unveiled a comprehensive support package that has sent ripples through financial markets. This initiative includes a slew of measures aimed at stimulating housing demand and addressing the excess inventory burdening developers. The immediate impact was a significant rally in Chinese stocks and a surge in commodity prices, notably copper, which hit record highs.
Mercedes-Benz Workers in Alabama Reject Union
In a pivotal moment for autoworkers in the southern United States, employees at a Mercedes-Benz plant in Alabama have voted against joining the United Auto Workers (UAW) union. The outcome, with 56% of workers voting against unionization and 44% in favor, comes as a significant setback for the UAW’s efforts to expand its influence in the region.