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Visa and Apple in talks to cut on transaction fees with Apple Card

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According to sources acquainted with the situation, certain US-based banks are dissatisfied with Apple’s transaction costs for its Apple Card. JPMorgan Chase, Capital One, and Bank of America are among the banks on the list.

According to reports, they’ve already contacted Visa and requested that some Apple Card transactions be handled differently.

For the time being, Apple is charging banks a modest charge for every transaction made with Apple Card via Apple Pay. The cost varies by nation; for example, Apple charges 0.15 percent of credit card transactions and 0.5 cents for debit card purchases in the United States.

Visa allegedly promised to modify that next year and is presently in negotiations with Apple, however other reports claim that Apple executives are unhappy with the proposed modifications.

If Apple and Visa achieve a deal, however, Apple will no longer get fees on recurring transactions such as Netflix, Spotify, and gym membership payments.

The present connection between Apple and Visa/Mastercard is also discussed in the study. Apple is thought to have opted to forego developing its own payment network in favor of pursuing widespread acceptance through Mastercard.

Currently, the latter is the official Apple Card issuer. Perhaps this is why banks and credit card networks agreed to the Apple charge in the first place.

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