• Iowa’s Affinity Credit Union has filed a lawsuit against Apple.
• The company is accused of “coercing” owners of its smartphones, tablets, and watches to use Apple Pay.
• This may become a class action lawsuit.

Iowa’s Affinity Credit Union has filed a lawsuit against Apple, alleging anticompetitive practises in the way the company administers Apple Pay. This may become a class action lawsuit and is comparable to a charge in the EU from the previous year.

Apple is accused of “coerces” owners of its smartphones, tablets, and watches to use Apple Pay and preventing other payment providers from competing on its platforms. This has resulted in 4,000 US banks and credit unions using Apple Pay and paying at least $1 billion annually in excess fees.

Apple charges 0.15 percent for credit card transactions and 0.5 cents for debit card transactions. The competing services for Android are free.

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It is not only about money. According to the lawsuit, the absence of competition diminishes Apple’s motivation to enhance Pay’s security. This affects both Apple customers and issuers of payment cards compatible with Apple Pay.

This lawsuit seeks triple damages and an end to Apple’s anticompetitive conduct. This will presumably necessitate giving up Apple hardware’s complete mobile payment capabilities to third-party payment firms.