Report: Apple gets 0.15 percent from each Apple Pay transaction | iLounge News

News

Report: Apple gets 0.15 percent from each Apple Pay transaction

Each transaction made with Apple Pay earns Apple 0.15 percent of the purchase, according to the Financial Times. This means that 15 cents of a $100 purchase would go to Apple, multiplying for higher-priced purchases. The article calls the deal “unprecedented,” noting that Google and other competitors do not earn such a share. Banking executives raved about Apple Pay — the banks are willing to give up revenue to Apple in “the hope that Apple Pay will become ubiquitous,” the report notes. Increased Apple Pay transactions will lead to higher revenue and should lead to fewer losses due to fraud, as well. Banks are also apparently excited about Apple Pay’s online shopping abilities, hoping that the quickness and ease of the transactions will lead to more spending.

Comments

Related Stories

Subscribe to iLounge Weekly

Sign up for the iLounge Weekly Newsletter

iLounge is an independent resource for all things iPod, iPhone, iPad, and beyond.
iPod, iPhone, iPad, iTunes, Apple TV, Mac, and the Apple logo are trademarks of Apple Inc.
iLounge is © 2001 - 2017 iLounge, Inc. All Rights Reserved. Terms of Use | Privacy Policy