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Apple to Collect Fee From Banks for Every Purchase Made with Apple Pay
Apple will collect a fee from banks every time consumers use the company's new Apple Pay payments solution, reports Bloomberg. Citing three individuals close to the matter, the report notes that Apple struck individual deals with each bank it has partnered with. Those banks include JPMorgan Chase, Bank of America, Citigroup, and more.
Apple Pay utilizes the Touch ID fingerprint sensor, a new "Secure Element" functionality, and the NFC antenna on the iPhone 6 and iPhone 6 Plus in conjunction with a credit card stored on iTunes to make payments. Apple Pay will also be compatible with the Apple Watch when it launches early next year.
While that gives the tech company a share of the more than $40 billion that banks generate annually from so-called swipe fees, lenders expect to benefit as consumers spend more of their money via mobile phones and other digital devices, the person said.The sources cited did not specify the exact size of the fee, noting that it could vary or be tied to the value of the purchases made by the consumer. During its announcement today, Apple stated that Apple Pay would be enabled at over 220,000 U.S. merchants including McDonalds, Macy's, Walgreens, Nike, and more. Apple Pay will also be compatible with American Express, Mastercard, and Visa credit and debit cards.
Apple Pay utilizes the Touch ID fingerprint sensor, a new "Secure Element" functionality, and the NFC antenna on the iPhone 6 and iPhone 6 Plus in conjunction with a credit card stored on iTunes to make payments. Apple Pay will also be compatible with the Apple Watch when it launches early next year.
Related Roundup: Apple Pay
Tag: bloomberg.com
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61 months ago
I'm switching back from Android in part because I think Apple got mobile payments right with this.
61 months ago
When Tim was going on about other companies failing because they just try to make money out of these sort of payments, I genuinely thought he was about to announce Apple had created an open standard...
Nope, they are just trying to make money from it, just like those 'bad' people he was describing, LOL. :p
Nope, they are just trying to make money from it, just like those 'bad' people he was describing, LOL. :p
61 months ago
That's unprecedentedly huge. I cannot fathom the amount of money this will generate for them.
61 months ago
The banks will pass that fee onto us customers. I wonder how much this fee will be as we'll be paying it.
Are you currently paying fees to use your debit/cc card?
Didn't think so.
It's the merchant paying the fees for the convienience of accepting debit/cc cards.
Ever heard of Square? That's just one example.
61 months ago
…..The banks will pass that fee onto us customers. I wonder how much this fee will be as we'll be paying it.
Processing credit cards was never free. Whatever it was, we were almost certainly paying it before.
The fees were just going to a different place.
61 months ago
Processing credit cards was never free. Whatever it was, we were almost certainly paying it before.
The fees were just going to a different place.
Yes but now we will be paying the bank fee for using the card and the Apple fee for using Apple Pay.
61 months ago
Apple has yet to...Discover It.
Piss poor attempt at a joke.***********
The banks will pass that fee onto us customers. I wonder how much this fee will be as we'll be paying it.
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