PayPal has been hit with a class-action lawsuit accusing the firm of anticompetitive „anti-steering” rules that leave consumers paying excess charges, according to Finextra.
The suit, filed in California by consumers represented by law firm Hagens Berman, says that PayPal’s anti-steering rules stifle competition against lower cost payment platforms like Stripe and Shopify.
The rules, written into user agreements that all merchants must sign to accept PayPal and Venmo payments, mean that retailers have to agree not to offer any discounts or inducements to persuade consumers to use other payment options that have a lower cost, say the attorney.
Merchants also cannot tell customers that other payment methods are more cost-effective or preferred, according to the complaint.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: