How Does Apple Pay Make Money?

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.

apple website

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? 

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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