The expansion of Apple Pay into Australia could may not be as early as expected, as the country's four largest banks are unwilling to cut a deal with the Cupertino giant when it comes to fees collected on every transaction. In the US, Apple collects 15 cents for every $100 spent on Apple Pay from its partners, and it is believed that the same deal was put forth to the Australian banks. However, banks are reticent to consider the offer as the payment processing fee is about half of that in the US.
From Financial Review:
Further negotiations will hinge on the interchange fee as the Reserve Bank of Australia is set to push the fee even further to about 30 cents for every $100. There are other factors as well that are preventing the introduction of Apple Pay in the country:
Furthermore, banks in Britain were able to strike a bargain with Apple that sees the manufacturer making just a few pence on £100. It is now being reported that a smaller bank would likely collaborate with Apple over the contactless payment service in the country initially.
Source: Australia Financial Review
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