Apple to take fee for every iPhone 6 mobile payment


Apple will take a slice of every payment made through the iPhone 6 and Apple Pay, it's been claimed.


Yesterday saw the launch of the iPhone 6 and the iPhone 6 Plus, each equipped with NFC and Apple's new mobile payment system, Apple Pay. This will see users carrying out transactions simply by swiping their iPhones over retail payment points, using Apple's Touch ID fingerprint-reading system for authentication.


Now Bloomberg is claiming that Apple will profit directly from its new payment system.


Apparently, the deals that Apple has struck with individual banks extend further than simply incorporating their cards into the Apple Pay system. According to three people with knowledge of the deals, Apple will actually claim a fee from on each transaction made.


Naturally this arrangement will be beneficial for both parties - while Apple gets the additional fees, the banks themselves will benefit from more money being spent through Apple's intuitive payment system.


Also, Apple's system uses a dynamic one-time security code that negates the need for merchants to store any sensitive information. This should lessen the need for costly fraud compensation and counteraction considerably, should the system take off.


With the mobile payments market set to quadruple over the next three years, according to some estimates, it seems like a pretty safe bet all round.


Alongside the two iPhone 6 models, Apple also announced the Apple Watch - a smartwatch that will also be able to make Apple Pay transactions.



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