SAN JOSE, Calif.—Apple has been sued by Venmo and Cash App customers in a proposed class action that alleges the iPhone maker abused its market power to curb competition for mobile peer-to-peer payments, causing consumers to pay "rapidly inflating prices.”
Four consumers in New York, Hawaii, South Carolina and Georgia recently filed the lawsuit in San Jose federal court, according to Reuters.
The plaintiffs are alleging Apple violated U.S. antitrust law through its agreements with PayPal's Venmo and Block's Cash App, Reuters said.
Limited Competition
Apple's agreements limit "feature competition" within peer-to-peer payment apps, including prohibiting existing or new platforms from using "decentralized cryptocurrency technology," the complaint said.
The lawsuit is seeking an injunction that could force Apple to divest or segregate its Apple Cash business, Reuters said.
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