Banks and Credit Unions to Team Up Against Apple Pay Fees

A U.S. judge has certified a class-action lawsuit allowing banks and credit unions to collectively sue Apple over Apple Pay fees, which the lawsuit claims amount to nearly $1 billion annually. Apple currently charges card issuers 0.15% for credit card transactions and half a cent for debit card transactions through Apple Pay, and the suit alleges the company illegally maintains this monopoly by blocking competitors from accessing the iPhone's NFC chip. Although Apple has recently allowed developers NFC access in multiple countries as of iOS 18.1, plaintiffs are seeking repayment of past fees and injunctive relief to end Apple's restrictive policies.