At Apple’s event yesterday, they announced the iPhone 6 and iPhone 6 Plus, along with services such as Apple Pay which would take advantage of the iPhone 6’s hardware to help facilitate mobile payments. So what is the deal with Apple Pay? After all we doubt that Apple is creating the service out of the kindness in their hearts, right?
Well according to a report from Bloomberg, it seems that Apple could potentially profit from the transactions made with Apple Pay. They cite three sources close to the matter that claims Apple had struck individual deals with the banks that they have partnered with, and that for every transaction made using Apple Pay, the Cupertino company will be reaping a small fee.
Unfortunately Bloomberg’s sources did not mention how big that fee would be, but it has been suggested that the fee could depend on the size of the transaction, so obviously a larger purchase would net Apple a bigger cut, while a smaller purchase would yield less. However at the end of the day, it could possibly give Apple a slice of the $40 billion pie that banks generate from these transaction fees on an annual basis.
Of course it remains to be seen if Apple Pay will become a popular means of making purchases amongst the new iPhone customers. However with Apple announcing many retailers as partners, such as Macy’s, Walgreens, and McDonald’s, just to name a few, we guess Apple Pay could soon become ubiquitous.
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