We heard about Apple Pay last night, and we heard how Apple considers that its the way forward from the humble credit card. Rumour has it that Apple has a bit more motivation for setting up this new system rather than doing it out of the kindness of its own heart, it could get a small fee every time someone pays for a transaction with Apple Pay.
According to Bloomberg, three sources have apparently confirmed that Apple has set up deals with banks so that they collect a small fee from each Apple Pay transaction. Bloomberg hasn’t mentioned exactly how much the fee would be, but it’s likely that it would be a percentage of the total transaction cost.
It makes sense, since Apple is a profit-driven company and to be honest it’s not that much different from the system credit cards companies have had implemented for decades. [Bloomberg via Ubergizmo]
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