Comment by wlesieutre

5 hours ago

Honestly I wouldn't be that shocked if Apple tried demanding a 30% royalty on bank deposits and bills paid using iPhone apps. They've decided the future of their company depends on being huge assholes about it.

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wlesieutre

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mcintyre1994  5 hours ago

I would be surprised by that because iPhone users would notice that. I think the App Store model relies on their fee being invisible to consumers, and the increased price you’re paying not being linked to them. AFAIK apps aren’t allowed to explain that they charge more if you subscribe on iPhone to users either, or why they do so.

  • wlesieutre  4 hours ago

    True, hard for bank deposits where the user sees both ends of the transaction.

    For bill payments though, they'd just insist on taking 30% of your electric bill payment and if the electric company's margins aren't high enough to absorb that then "Haha that sounds like a you problem" - Tim Cook, probably

burgreblast  3 hours ago

When you use Apple Pay, Apple collects ~0.15% (15 bps) from the issuing banks for credit. $1B in transaction volume = $1.5M

In 2022 the total volume was estimated at $6T * .15% = $9B. Real number would be maybe half due to lower fees on debit, but it's hugely profitable for Apple, and carries zero risk.

jorvi  4 hours ago

Something interesting is that Apple and Google Pay charge a tiny commission (don't have the number at hand). Which banks didn't like, so at least on Android they created their own NFC payment stacks for a while. Only to then discover that maintaining such a stack cost them more per year than the commission.