Fee For Transactions: Banks Challenge Apple Pay
When the Apple Pay mobile wallet launched in 2014, big banks including JPMorgan, Capital One, and BOA we’re all in. They agreed to pay fees that would let their cardholders pay via their iPhones. Now some are pushing back, urging Visa to reduce the fees Apples charge for each transaction.
Bank pushback is no surprise, especially since costs have increased, and since Apple introduced its own, competing card in 2019. Banks pay Apple a fee when their cardholders use Apple Pay—even for recurring payments like gym memberships or subscriptions. This pushback isn’t a surprise, reflecting increasing tension between tech and finance behemoths.