When the Apple Pay mobile wallet was launched in 2014, banks scrambled to cooperate with it, but now they have some regrets.
When Apple Pay was launched, the tech giant allowed big banks including JPMorgan Chase & Co. (JPM), Capital One Financial Corp. (COF) and Bank of America Corp. (BAC) to agree to pay. In order to allow its cardholders to use iPhone to pay. But people familiar with the matter say that some banks are increasingly dissatisfied with these fees, especially after Apple Inc. (AAPL) launched its own credit card in 2019.
According to some people familiar with the matter, some banks have fought back and demanded that the credit card network Visa Inc. (V) change the way it processes certain Apple Pay transactions. The related changes will reduce the bank’s payment to Apple.
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