Apple and banks are at odds over Apple Pay feesWhat you need to know
Banks are keen to see Apple receive less of a cut for transactions that are recurring, like subscriptions.
Visa had previously made plans to change how things work, but those plans now seem to be shelved.
Visa and Apple are reportedly in talks about how recurring payments are handled.
Banks are keen to see the amount of money Apple receives for Apple Pay transactions cut, although the main discussions revolve around recurring payments for subscriptions of all types.
According to a report by The Wall Street Journal, Apple Pay transactions see banks hand over 0.15% of each purchase made by their credit cardholders. Those fees are the issue, with Visa proposing that Apple receives a transaction fee on the initial payment and not every payment that goes through after that — effectively cutting it out of the system entirely for the life of that subscription.
Visa shared its planned technical change with at least some banks in recent months. A document rev...
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Apple and banks are at odds over Apple Pay fees
