Chinese banks face lower fees to support Apple Pay

Banks supporting Apple Pay in China will pay approximately half the amount in fees that US banks are paying to support the service — and may have negotiated a lengthy initial holiday period, according to Caixin. “Chinese banks have agreed to pay around 0.07% of each transaction to Apple,” the publication reports. “Apple Pay reportedly collects 0.15% of each purchase from banks in the US. Apple will start collecting the fees in two years.” Apple Pay launched in China last week.