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Apple Pay will net Apple a healthy sum from bank fees

<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-pay-will-net-apple-healthy-sum-bank-fees' title="Apple Pay will net Apple a healthy sum from bank fees"><img src='http://www.imore.com/sites/imore.com/files/styles/large/public/field/image/2014/09/apple_pay_touch_id_6_press.jpg?itok=qCyggO80' />[/url]</p> <p>The newly-announced Apple Pay (http://www.imore.com/apple-pay) is reported to be set up to net Apple a healthy fee from banks when it goes live. The system, which is Apple's take on NFC mobile payments (http://www.imore.com/hands-pay-nfc-barcode-scan-online-purchases) and works on the also-newly-announced iPhone 6 (http://www.imore.com/iphone-6), iPhone 6 Plus (http://www.imore.com/iphone-6-plus), and Apple Watch (http://www.imore.com/apple-watch), harnesses your credit cards to make quick-and-easy payments on the go. And it should come as no surprise that Apple intends to make some money off of that.</p> <!--break--> <p>According to Bloomberg (http://www.bloomberg.com/news/2014-09-10/apple-said-to-reap-fees-from-banks-in-new-payment-system.html):</p>

<p>Under deals reached with banks individually, Cupertino, California-based Apple will collect a fee for each transaction, said one of the people, who requested anonymity because terms aren't public. 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.</p>

<p>The undisclosed fees could net Apple a substantial amount — just a 1% fee on the $40 billion that banks make each year off credit cards would be a whopping $400 million. Apple has historically charged a fee for every digital transaction, with the 30% charge leveed on iTunes and App Store sales being a prime example. Apple's already stated that the Apple Pay system won't know how much you've spent, where, and when — it's purely a transaction between you, the retailer, and your bank — so the fees they're charging will likely be coming directly from the banks.</p> <p>Who's looking forward to making some payments on the go with Apple Pay?</p> <p>Source: Bloomberg (http://www.bloomberg.com/news/2014-09-10/apple-said-to-reap-fees-from-banks-in-new-payment-system.html)</p> </div></div></div><div id="comment-wrapper-nid-26927"></div><img width='1' height='1' src='http://tipb.com.feedsportal.com/c/33998/f/616881/s/3e53e3c5/sc/15/mf.gif' border='0'/><br clear='all'/>

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Source: Apple Pay will net Apple a healthy sum from bank fees (http://feedproxy.google.com/~r/TheIphoneBlog/~3/P1t0A7zGLU0/story01.htm)