Apple might charge a transaction fee for Apple Pay transactions

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]

Want to read more? Here’s our coverage of the recent Apple announcements, including everything you need to know about Apple’s ‘phablet’, the iPhone 6 Plus, and smartwatches buying guide, or if you’re sick of Apple completely, here’s our rundown of our 14 favourite dating apps, from Tinder to eHarmony.

Tom Pritchard