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Apple rumored to partner with major banks to get discounts on mobile wallet payment processing

<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><a href='http://www.imore.com/apple-rumored-partner-major-banks-get-discounts-mobile-wallet-payment-processing' title="Apple rumored to partner with major banks to get discounts on mobile wallet payment processing"><img src='http://www.imore.com/sites/imore.com/files/styles/large_wm_brw/public/field/image/2014/07/touch_id_5s_low_angle_bokeh_hero.jpg?itok=e0b80JMM' />[/url]</p> <p>After being rumored to be in talks with credit card issuers American Express, MasterCard, and Visa (http://www.imore.com/visa-mastercard-may-join-american-express-your-iphone-wallet-fall), Apple is now said to be in talks with some of the largest financial institutions to negotiate discounts on payment processing. The iPhone-maker is now speculated to be in talks (http://www.imore.com/nordstrom-latest-rumored-join-apples-iphone-6-mobile-wallet) with American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America to ink agreements for credit card processing.</p> <!--break--> <p>The iPhone 6 (http://www.imore.com/iphone-6), which is expected to be announced in a few short days, is believed to come with an NFC chip (http://www.imore.com/iphone-6-nfc-and-video-leak) that would allow Apple's latest smartphone to be used as a digital wallet allowing customers to pay for goods inside retail stores. The financial deals that are speculated to be in the works would allow Apple to process transactions at a lower cost thanks the presence of added security with Touch ID and NFC chips.</p> <p>In addition to bumping down the card rates, Apple is also working on having the iPhone be recognized as a credit card:</p>

<p>The first thing Apple has done is convince these four FIs to consider transactions from Apple's upcoming payments venture — said to launch with its forthcoming iPhone 6 introduction — as "card present" transactions, which carry a lower discount rate than "card not present" transactions, because of lower fraud risk.</p>

<p>Apple wants the iPhone to be processed as a "card present," which would mean a lower transaction rate. The iPhone-maker may even assume some of the risks by using the biometric TouchID and NFC chip to authenticate customers.</p> <p>"This is essentially a wash for the financial services industry: they lowered fees for Apple for the privilege of being included in Apple's payments initiative, but managed to put some of the transaction risk to Apple," the report says.</p> <p>Are you ready to use your next iPhone as your wallet (http://www.imore.com/tag/mobile-wallet)? Let us know.</p> <p>Source: Bank Innovation (http://bankinnovation.net/2014/09/apple-said-to-negotiate-deep-payments-discounts-from-big-banks/)</p> </div></div></div><div id="comment-wrapper-nid-26759"></div><img width='1' height='1' src='http://tipb.com.feedsportal.com/c/33998/f/616881/s/3e290e9b/sc/36/mf.gif' border='0'/><br clear='all'/>

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