Apple Faces Lawsuit Over Decade of Apple Pay Tech Theft
Hey Payments Fanatic!
Apple is now facing a lawsuit from Fintiv, which claims the tech giant stole its mobile wallet technology for Apple Pay through confidential meetings and by hiring key employees over the past decade.
The lawsuit alleges Apple built a payment enterprise with major financial services companies like JPMorgan Chase, Citi, Visa, and Mastercard, driving billions in revenue and contributing to Apple’s $3 trillion market value.
Marc Kasowitz, Fintiv’s lead attorney, calls this “one of the most egregious examples of corporate malfeasance I’ve seen in 45 years of law practice.” 🫤
Scroll down to dive deeper into Apple's lawsuit and get your daily Payments fix 👇
Cheers,
INSIGHTS
🇺🇸 Don’t miss this Axios podcast with Cindy Turner, Worldpay’s CPO, as she unpacks three big shifts in payments: building “trusted agent” models for AI-driven shopping, using stablecoins to speed marketplace settlements and cut FX costs, and scaling account-to-account payments in the U.S.
📈 Block delivered stronger-than-expected results in the second quarter of 2025.
Let's dive into the financials:
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NEWS
🇬🇧 GoCardless has been courting buyers, with Dutch FinTech Mollie the current frontrunner. The UK FinTech has been in discussions with multiple potential acquirers since the start of the year, with Swedish FinTech Trustly at one point entering talks to buy GoCardless.
🇨🇴 $5.1 million will enter the financial system over the next three years. According to Sonia Gómez, Director of Solutions Consulting at ACI Worldwide, the new infrastructure will allow for real-time transfers and payments between different banks, digital wallets, and financial institutions. Meanwhile, a key player in this space is Colombia's Bre-B. According to estimates by ACI Worldwide, it could add at least 5 million new users to the financial system and generate an economic boost of more than $280 million.
🇿🇦 FinTech startup TurnStay secures $2M. Founded in 2021, TurnStay helps streamline payments for African travel companies, allowing them to take bookings from travelers all over the world with country-optimized checkout pages. Keep reading
🇬🇧 Klarna automatically enables thousands of WooCommerce stores, tackling checkout drop-offs head-on via Stripe auto-enablement. By making Klarna available by default, Woo merchants can now meet modern checkout expectations straight out of the box.
🇮🇳 Pine Labs appoints Sameer Kamath as Chief Financial Officer. In this role, Kamath will be responsible for the global finance strategy, accounting, investor relations, and providing financial leadership across the Pine Labs group. Continue reading
🇺🇸 Marqeta turns to BNPL to boost revenue that's not from Block. BNPL has been growing at a fast clip for Marqeta. The company was one of the first card issuers offering Visa's Flexible Credentials, and works with two of the largest BNPL providers, Affirm and Klarna, to bring that technology to their customers.
🇺🇸 Deluxe expands its payments network with the acquisition of the CheckMatch service from Kinexys by J.P. Morgan, a move that aims to revolutionize digital lockbox payments and offer significant advantages for small businesses. This strategic acquisition is not just a company expansion; it’s a step toward enhancing the entire B2B payment ecosystem.
🇬🇧 Wagestream transforms workplace lending with affordable loan products. These developments, supported by the £300 million debt financing secured from Citi in April, directly address the issue of inaccessible credit and reinforce Wagestream’s commitment to providing fair financial services to the everyday worker.
🇵🇭 GCash introduces Tap to Pay, now available for Android users. GCash becomes the first e-wallet in the country to enable NFC-powered payments, allowing users to log in to the GCash app, tap, and pay at any Mastercard accepting POS terminal nationwide.
🇺🇸 Fintiv files RICO and Trade Secret misappropriation suit against Apple stemming from alleged theft of mobile wallet technology used to create Apple Pay, a service that generates billions in annual revenue and has been a major force in growing Apple's market valuation to more than $3 trillion.
🇨🇳 Animoca, Standard Chartered & HKT launch stablecoin venture in Hong Kong. By combining their strengths in blockchain, banking, and telecom, this joint effort aims to launch a fully regulated digital currency and connect traditional finance with Hong Kong’s growing digital market.
🇰🇷 Open Asset has attracted a strategic investment worth 5 billion won from the country's leading financial value-added network (VAN) operator. With this investment, the two companies decided to jointly develop an integrated service that directly links OpenMint, Open Asset's stablecoin issuance service, and Dussen's financial payment infrastructure.
🇦🇺 ASIC secures $10M penalty from iSignthis. Nickolas John Karantzis, its former Managing Director and CEO, was also disqualified from managing corporations for six years and penalized $1 million for breaching his director’s duties and failing to ensure information given to the ASX was not false or misleading.
🇧🇷 Atlaslive and StarsPay join forces to streamline payments in Brazil. The integration ensures a smooth user experience across deposits, betting, and withdrawals. The system is designed for transparency, operational stability, and secure processing.
🇺🇸 Casap has secured $25 million in Series A funding led by Emergence Capital. With new funding, Casap plans to expand its AI capabilities, enhance hiring, and further streamline post-transaction processes across the payments lifecycle. Its proprietary fraud score identifies suspicious activity to reduce future disputes.
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