Apple is yet again facing a lawsuit because of their bad strategy.
The company is being suied because of its anticompetitive conduct in how it operates Apple Pay.
Apple forces owners of its phones, tablets and watches to use Apple Pay and prevents other payment services from competing on its platforms.
This has lead to 4,000 banks and credit unions in the US to use Apple Pay and pay at least $1 billion of excess fees each year.
Apple charges a 0.15% fee on credit transactions and a flat 0.5 cent fee on debit transactions. The rival services on Android charge nothing.
The lawsuit wants a triple damages and a stop to Apple’s anticompetitive behavior. Which means that this will require opening up the full mobile payment capabilities of Apple hardware to third-party payment services.