The Strategist

Visa will stop paying fees on some payments to Apple

10/07/2021 - 08:35

Visa has signed a deal with US banks and agreed to stop charging fees on a portion of payments made with Apple Pay starting next year. This was reported by The Wall Street Journal, citing its own sources.

According to the publication, bank card issuers have long been trying to get rid of commissions on transactions made by users through Apple Pay. The amount of this fee varies from country to country. 

In the US, for example, it is 0.15% of every purchase made with a credit card, and $0.005 for debit card transactions. As an argument for waiving the fees, the banks cited the example of Google, which does not charge issuing banks at all.

After several years of negotiations Visa still decided to meet the banks and cancel fees and commissions on regular payments made by users of Apple Pay: these are all sorts of subscriptions to online services or fees for a membership in a fitness club. However, according to the newspaper's sources, Apple has already opposed the impending changes and has started talks with Visa. This means that Visa's position could still change.