Comment by kristjansson
2 years ago
> Apple also collects fees from banks for using Apple Pay
15 basis points (0.15%) from the issuing bank on something that _undoubtably_ increases tx volume and associated interchange revenue. Sure, the issuing banks would like tx volume for absolutely free. Sure, DOJ should argue the point on NFC access. But 15bp from the party that's making more money on a service that's free and beneficial for {consumer, merchant, card network} just seems like good business.
> Sure, DOJ should argue the point on NFC access.
That's the point of the lawsuit. Chase can't currently make Chase Pay to compete with Apple Pay and offer a mobile payment service with less than 15 basis points.
Lmao no. How will it increase tx volume.
And fine, let apple collect their fee, but also open up payments on iPhone to other providers. Why can't my native bank app use the nfc hardware itself, hmmmmmmmmm? Oh Apple lock in so they can collect their $$$ for literally no reason; the payment network already exists, Apple is just a middleman.