The newly-announced Apple Pay is reported to be set up to net Apple a healthy fee from banks when it goes live. The system, which is Apple's take on NFC mobile payments and works on the also-newly-announced iPhone 6, iPhone 6 Plus, and Apple Watch, harnesses your credit cards to make quick-and-easy payments on the go. And it should come as no surprise that Apple intends to make some money off of that.
According to Bloomberg:
Under deals reached with banks individually, Cupertino, California-based Apple will collect a fee for each transaction, said one of the people, who requested anonymity because terms aren't public. While that gives the tech company a share of the more than $40 billion that banks generate annually from so-called swipe fees, lenders expect to benefit as consumers spend more of their money via mobile phones and other digital devices, the person said.
The undisclosed fees could net Apple a substantial amount — just a 1% fee on the $40 billion that banks make each year off credit cards would be a whopping $400 million. Apple has historically charged a fee for every digital transaction, with the 30% charge leveed on iTunes and App Store sales being a prime example. Apple's already stated that the Apple Pay system won't know how much you've spent, where, and when — it's purely a transaction between you, the retailer, and your bank — so the fees they're charging will likely be coming directly from the banks.
Who's looking forward to making some payments on the go with Apple Pay?