Comment by burgreblast
5 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.
I think this is a very strong and simple argument to use with regulators, politicians etc.
When I put my credit card into Apples ecosystem they take a 0.15% cut of the transaction and appear to be very happy with the results. When I put my application into the ecosystem they take 30%..
You can then break down why this is, but boy is that an interesting contrast.
They'd much rather have 30%.