![]() In the US, issuers must pay 0.15 percent of a credit card transaction and 0.5 cents for each debit card transaction, and 7 cents to Visa and 50 cents to MasterCard for each card that is added to an Apple wallet.īut Apple doesn't allow banks to recoup these fees from their customers. ![]() In its latest submission to the ACCC's inquiry, published last week, Apple argued the banks were using the NFC argument as a smokescreen to try and avoid being lumped with the fees associated with Apple Pay.Īpple requires banks to give it a cut of the interchange fees associated with Apple Pay. ![]() The service is also available to American Express customers and Cuscal's 31 financial institution partners. It will make a final decision in March.ĪNZ Bank is the only major bank to currently offer its customers Apple Pay. But the ACCC in November said it wasn't satisfied that the benefits of the effort outweighed the likely detriments to competition.
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