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Does Apple Pay have transaction fees?

Shpadee
By Shpadee
in Phones and Tablets
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I know that I should know this, but does Apple Pay have transaction fees or is there no reason not to use it? Thanks ahead!

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I know that I should know this, but does Apple Pay have transaction fees or is there no reason not to use it? Thanks ahead!

I believe that it does, and that they're tiny.

 

Hmm...

Apple Inc.’s introduction of its new Apple Pay service for its soon-to-be released iPhone 6 and the Apple Watch raised a huge number of questions in the payments industry. One of the biggest topics of speculation is just how is Apple going to make money from the service, with combines near-field communication (NFC) contactless technology, tokenization of payment card data, and biometrics.
 
 
 
 
Press reports have said that credit card issuers will be paying Apple, but estimates on pricing have varied and exactly for what is unclear. Some reports have said issuers might share with Apple some of the interchange they receive when their cards registered to an iPhone 6 are used for purchases. Others have speculated that Apple would charge issuers a fee to put credit or debit card credentials into its Passbook mobile app, which produces digitized versions of the cards a user wants to access for Apple Pay.
 
But now it looks like issuers will be paying about 15 basis points, or 0.15% of an Apple Pay purchase, for what amounts to a guarantee by Apple that a tokenized and biometrically verified transaction is good, a source familiar with the payments industry tells Digital Transactions News.

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I know that I should know this, but does Apple Pay have transaction fees or is there no reason not to use it? Thanks ahead!

 

No, its 100% free

 

I believe that it does, and that they're tiny.

 

Hmm...

 

 

the bank pays a fee, not the customer

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It's important to note that even if your card on apple pay is cleared to pay.... if you are making large purchases using apple pay the bank might block it (but it would work fine if you swiped normally). This happened to me at the apple store >< 

I have a 2019 macbook pro with 64gb of ram and my gaming pc has been in the closet since 2018

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