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  • New Clues Emerge Regarding Apple's Mobile Payments Plan


    Apple wants a piece of the mobile payments business. And that's exactly what it's poised to get.

    According to countless reports corroborating as much in recent weeks, Apple will unveil a new mobile payments platform next week in conjunction with the launch of its next-gen iPhone 6.

    But don't expect Apple to simply join the fray and compete. Look for Apple to one-up the competition straight out of the box.

    Bank Innovation reported Thursday that Apple has secured critically important deals to lower its card transaction fees with some of the largest financial institutions in the U.S. (American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America).

    From the get-go, this arrangement will allow Apple to pass down to retailers and consumers a bargain on mobile payment services that will all but certainly give Apple some immediate leverage in the burgeoning mobile payments industry.

    "Banks offered the discounted fee for two reasons: for the Apple payments platform to accept all of the cards from the issuers, and for Apple to assume some of the liability by including two secure elements that will authenticate transactions — location data via the NFC chip, and biometric security," the report reads. "This is essentially a wash for the financial services industry: they lowered fees for Apple for the privilege of being included in Apple’s payments initiative, but managed to put some of the transaction risk to Apple."

    Source: Bank Innovation
    This article was originally published in forum thread: New Clues Emerge Regarding Apple's Mobile Payments Plan started by Michael Essany View original post