How Does Apple Pay Make Money?
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Apple Pay is a contactless payment technology that allows users to pay for goods and services with their iPhone, iPad, and Apple Watch.
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The technology was first unveiled during the company’s iPhone 6 keynote event on September 9th, 2014.
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Reportedly, the banks that Apple worked with were using a code name to keep the project a secret while most of their employees were kept in the dark.
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Today, Apple Pay is available in more than 70 countries while facilitating billions of dollars in payment volume every year.
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Apple has since introduced ancillary payment services including a credit card as well as Buy Now, Pay Later options.
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But how does Apple Pay, which is completely free to use, actually make money?
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Payment Fees
The majority of the revenue that Apple Pay generates comes from the 0.15% fee that it charges to the issuer of the card.
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Instant Transfers
Users can speed up transfers by paying a fee of 1.5% on the amount that they send.
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