Banks and Credit Unions to Team Up Against Apple Pay Fees

A group of banks and credit unions has joined forces to challenge Apple Pay's fees, citing antitrust concerns. The coalition, led by the American Bankers Association and the Credit Union National Association, has submitted a filing to the U.S. Court of Appeals for the Ninth Circuit. The lawsuit, which was initially filed in 2022, alleges that Apple's 0.15% transaction fee is an anticompetitive practice that stifles innovation and harms consumers. The banks and credit unions claim that Apple's fees are 'unreasonable and excessive', and that the company is abusing its market power to stifle competition. The lawsuit also notes that Apple has not provided any evidence that the fees are necessary to support the development and maintenance of Apple Pay.