Banks and Credit Unions to Team Up Against Apple Pay Fees

An antitrust lawsuit accusing Apple of blocking tap-to-pay competition is moving forward and will see banks and credit unions able to band together to sue Apple. U.S. District Judge Jeffrey White this week certified a class in the lawsuit. It will include any U.S. entities that issued any payment card enabled for Apple Pay and paid Apple a fee for ‌Apple Pay‌ transactions on that payment card. He also denied a motion from Apple to exclude expert testimony that plaintiff attorneys allege offers proof Apple has monopoly power over the mobile wallet market. First filed in 2022, the suit claims Apple illegally collects up to $1 billion annually in fees by preventing rivals from accessing the iPhone's NFC chip to build mobile wallets that would compete with ‌Apple Pay‌. When an iPhone user buys something with a card linked to ‌Apple Pay‌, the card issuer has to pay Apple a 0.15 percent fee for credit cards and half a cent for debit cards, according