Apple Blog

Apple will earn 0.15% for every transaction made with Apple Pay

Apple will take 15 net cents for every $100 paid through Apple Pay

Last week, Apple presented at the Keynote its new mobile payment system called Apple Pay. Although some details were given, there were still many things left in the inkwell, features and other details that are slowly starting to see the light. Last Friday, a report was published in which it is reflected that the American company will take 15 cents net for every $100 purchase made through Pay , something that Google was not able to get through its Google Wallet service.

According to this report published by the Financial Times, sources related to the banking and credit card network with which Apple has agreements comment that those of Cupertino will take a small percentage for each purchase made through Pay , specifically 0.15%.

Apple will earn 0.15% for every transaction made with Apple Pay
Apple will earn 0.15% for every transaction made with Apple Pay

This information would be in addition to information previously known that Apple would collect fees from banks for customer purchases, although the value of those fees was not known.

Apple Pay does not jeopardize the traditional payment industry

Both banks and credit card companies associated with Apple are willing to offer low per-transaction rates for most integration of this technology. For example, despite being a solution that does not require the use of a physical credit card, Pay would be charged at a lower rate than current card levels . It would certainly be a significant discount that mobile payment system competitors were unable to secure.

As we said before, Google did not manage to reach an agreement like this with its payment service Google Wallet. However, Cupertino’s guys have been clever and have achieved this agreement, since according to some bank executives, Apple’s payment system does not pose any threat to the traditional payment sector . In addition, Pay keeps the banks at the centre of any payment, something that has given them peace of mind.

Security, another key factor in reaching this agreement

On the other hand, this agreement has been possible thanks to the high level of security offered by the company to be able to use its new mobile payment service. Payments made with Apple Pay are made through NFC , each credit card is stored as a secure element of the iPhone by assigning it a device account number and at the time of payment will generate a dynamic security code , as noted by the guys at AppleInsider.

Furthermore, if we add to this that the Touch ID fingerprint sensor will serve to authenticate the identity of the user before purchase , security is increased a little more.

Similar Posts