August 31, 2016Blog Posts

Apple Pay Could Lose Leverage in U.S. from Spat Down Under

American Banker:

Australian banks are pushing Apple to loosen its grip on the technology that enables mobile payments. The result could bode well for U.S. banks as they look to re-up agreements with the tech giant. Apple has maintained tight control over Apple Pay since its October 2014 launch, forcing participating U.S. banks to pay a toll of 10 to 15 basis points per transaction to access the near-field communication antenna, or controller, according to industry sources. Banks grumbled, but they paid up.

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