Apple Pay nets a discount from banks, Walmart says ‘no thanks’<article>
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<p>If phones are going to replace wallets, everyone has to get on board. Banks, stores, phone manufacturers, and you, the customer, are all needed to take mobile payments mainstream. That’s why
Apple Pay has a shot at succeeding where Google Wallet failed: Apple created an NFC-equipped phone and made your wallet seem like a horrific albatross that is literally ruining your life. But before all that, the company nailed down banks and retailers. Well, not all retailers.</p><p>Apple has been working on partnerships to build out Apple Pay—and make sure people use it—since January 2013, according to the
New York Times. Visa, MasterCard, and American Express are on board. Five of the largest banks are in. Five more are coming soon. But to be part of Apple Pay, the financial institutions had to make some concessions: namely, charging a lower transaction fee for Apple Pay purchases than standard credit card swipes. Transaction fees are big business for banks, netting them more than $40 billion a year. Apple is cutting into that with a discount around 10 percent, according to the
BankInnovation financial blog.</p><p class="jumpTag"><a href="/article/2682873/apple-pay-nets-a-discount-from-banks-walmart-says-no-thanks.html#jump">To read this article in full or to leave a comment, please click here[/url]</p></section></article>
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Apple Pay nets a discount from banks, Walmart says ‘no thanks’
