In a surprising turn of events, Koin Mobile, a leading player in the mobile payment industry, has filed an antitrust lawsuit against Everi, alleging that the company has engaged in anti-competitive practices in the cashless payments market. The lawsuit, filed in federal court, accuses Everi of using its dominant position to stifle competition and maintain a monopoly in the industry.
Koin Mobile, known for its innovative mobile payment solutions that allow customers to make cashless payments at various merchants, claims that Everi has engaged in a variety of anti-competitive practices to maintain its stronghold in the market. These practices allegedly include exclusive deals with merchants, predatory pricing strategies, and anti-competitive behavior in the licensing of its technology.
The lawsuit comes at a time when the cashless payments market is experiencing rapid growth, with more and more consumers turning to mobile payment solutions for their convenience and ease of use. Koin Mobile, which has been a key player in this market for years, alleges that Everi’s anti-competitive practices have hindered its ability to compete effectively and offer innovative solutions to consumers.
In a statement, Koin Mobile’s CEO expressed frustration with Everi’s tactics, stating that the company’s actions have had a negative impact on both consumers and competition in the market. The CEO also emphasized that the lawsuit is intended to protect the rights of consumers and ensure a level playing field in the cashless payments industry.
Everi, on the other hand, has denied the allegations and vowed to defend itself against the lawsuit. In a statement, the company’s spokesperson stated that Everi is committed to fair competition and complies with all antitrust laws and regulations. The spokesperson also stated that the company believes that its business practices are lawful and in the best interest of consumers.
The outcome of the lawsuit remains uncertain, but it has already sparked a debate about competition in the cashless payments market. As the industry continues to evolve and expand, it is clear that companies like Koin Mobile are willing to fight for their right to compete and innovate. Time will tell how this legal battle will impact the future of cashless payments and the overall marketplace.
