As part of its new payments system, Apple will be collecting fees from banks, Bloomberg reports. A number of banks, including JPMorgan Chase & Co., Bank of America, and Citigroup have all agreed to integrate their cards into the system, and Apple has apparently reached individual deals with various banks to collect a fee for each transaction made through Apple Pay. Neither Apple nor any of the key banks have commented on the specific arrangements, although Apple has said that it won’t be charging users, merchants, or developers for transactions, logically leaving the banks themselves as the only remaining revenue stream from which Apple can benefit. Apple has already made partnerships with the three major U.S. card networks—VISA, MasterCard, and American Express—and Discover tweeted that it is also in discussions with Apple to add support for its cards to Apple Pay.
Latest News
- Apple granted patent for Lightning port replacement
- iPhone 13 Pro: 120Hz LTPO Display and smaller notch
- Apple may launch foldable iPhone in 2023: Kuo
- Apple TV+ drama series “The Mosquito Coast” to release on April 30
- Apple to release OLED iPad Pro & OLED 16″ MacBook Pro next year
- iPhone 11 free display replacement program
- iPhone XR vs iPhone 11: Budget shopping guide!
- Apple March Event: AirPods, Apple TV, iPad Pro
- MacX DVD Ripper Pro: Lifetime License is 63% Off
- The Sennheiser Momentum True Wireless 2 Earbuds is $50 Off Today