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    News in brief

    Canadian banks get “more favourable terms” for Apple Pay support

    News in brief

    Canadian banks that announced their support for Apple Pay earlier this week have received “slightly more favourable terms than US financial services firms,” according to the Financial Post. “While Apple will receive 0.15 per cent or 15 basis points on credit transactions — comparable to the widely reported figure for Apple Pay in the US, which works out to 15 cents for every $100 purchased — a lower fee of four basis points will be applied to credit transactions after an annual payment of 50 cents per card,” the publication reports. Apple Pay launched in Canada in November last year.

    Filed by Email Rian Boden Published • Last updated 11 May 2016, 11:31

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