Apple Pay was announced at Apple’s event on the 9th of September and while the service does add a layer of convenience to iPhone 6 users, we also expect that Apple had introduced this service as another way of making money. After all we doubt that they introduced it for charitable reasons, right?
A report the next day suggested that Apple could be taking a cut from the transactions and now according to a report from the Financial Times (paywall, via 9to5Mac), it seems that Apple could be earning 0.15% of each transaction whenever it is used. The report claims that banks have worked out a deal with Apple in which 15 cents from a $100 purchase would go towards Apple.
In fact this isn’t the first time that we have heard of how Apple’s reputation and power have allowed them to negotiate better deals than their competitions. Prior to Apple Pay being launched, there were rumors that Apple had managed to negotiate lower transaction rates with the banks.
If that is true, not only will the transaction fees be discounted, but Apple is also expected to take a cut from all of it! That is admittedly pretty impressive on Apple’s part. However not all retailers are on board yet as Walmart and Best Buy have, at the moment, opted not to use Apple Pay at their outlets.
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