Apple Pay sounds great, but the most surprising thing about the announcement is that Apple doesn’t seem to be taking a cut. Oh wait. The other shoe — Elizabeth Dexheimer:
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.
This seems like the type of deal that only Apple could get away with. It reminds me a bit of the deal they struck with AT&T for the first iPhone. But this is with several of the major banks, not just one.
We’ll see how much money this adds up to over time. If Apple Pay is at all successful, it’s going to add up.