Australia’s largest banks are reportedly in dispute with Apple over Apple Pay interchange fees. “Fees are a big sticking point in the negotiations, with big banks not willing to give Apple a slice of the A$2bn a year they earn in interchange fees,” The Sydney Morning Herald reports. “In the US, Apple is believed to earn about 15 cents of every US$100 transaction.”
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And, once all the hype and hot air surrounding Apple Pay finally dissipates, look for the other banks to start not renewing their Apple Pay fee arrangement with Apple. In reality, Apple should instead be paying the banks a fee for the banks allowing Apple to use the banks’ existing systems to add value to their new phones, How dumb can the U.S. banks be, allowing the Apple Dept of Spin to stampede them into this arrangement with Apple; the major Australian banks are smarter than that …