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Report: Apple Pay fees for Chinese banks half what they are in U.S.

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Chinese site Caixin reports that Apple has agreed to take much smaller fees from banks in China compared to the US as the company this month launches its Apple Pay payments service in the country.

The deal with Chinese banks will see Apple get around 0.07 percent per transaction, according to the report citing unnamed sources, compared to approximately 0.15 percent it’s charging banks in the US.

Apple Inc. will earn fees from Chinese banks when customers use its mobile payment service for purchases, but they will be about half of what the U.S. tech giant charges in the United States, people with knowledge of the matter say… Apple will start collecting the fees in two years. Apple started negotiating with major Chinese banks and UnionPay over profit-sharing and technical issues in 2014. The talks stalled, apparently because Chinese banks argued the charges were too steep.

Caixin adds that sources say new banks signing on with Apple in to support Apple Pay in the country might not get the same lower fee and that the agreement with the initial launch group of banks was “a result of compromise from both sides” in an effort to get the service launched.

“These 19 banks will pay Apple the fees at a discount, but banks that get on board later may not have the leverage anymore,” a person with the knowledge of the mater said.

The report follows an official launch of Apple Pay in China last with card issuer China UnionPay and around 19 banks. The launch saw a rush of around 10 million users signing up in the first hour, according to local reports, and close to 40 million on day one. Apple is going up against Chinese market leader Alipay, reported to have approximately 400M users. 

The launch of Apple Pay in China adds it to the list of supported Apple Pay countries alongside the US, the UK, Canada, and Australia.


Filed under: iOS Devices Tagged: 0.07 percent, 0.15, Apple pay, banks, china, credit cards, Fees, Tim Cook, UnionPay, US

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Jordan Kahn

February 22nd

Apple

Mac

PayPal Has to Pay $25 Million for Being Sketchy as Hell

After the Consumer Financial Protection Bureau filed a complaint against PayPal today, the company quickly agreed to refund $15 million to customers it ripped off over the past few years.

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Kate Knibbs

May 19th

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Report claims Walmart will never accept Apple Pay because of high credit card fees

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Walmart is one of several high-profile retailers that belong to MCX, a consortium of retailers that have partnered together to create their own mobile payments service called CurrentC. Due to this commitment, the big-box retailer has opted against supporting Apple Pay in its stores. A new report offers a big reason why: high credit card transaction fees.

Re/code offers some insight this weekend into why Walmart “will never accept Apple Pay,” with a big part of the reason being that Walmart believes that the fees merchants are required to pay banks when a credit card is swiped in their stores is too high. Meanwhile, MCX’s CurrentC has payment options that carry lower fees than credit card purchases.

Given that Apple Pay supports both Visa and MasterCard, which set the fees that Walmart and other MCX retailers believe is too high, the report claims that Walmart feels the iPhone-based payments service does not support its fight for lower fees.

“Since Apple Pay supports Visa and MasterCard credit cards, Walmart and other MCX retailers believe the iPhone-based payments service just perpetuates the traditional payments fee structure they despise,” the report claims. “The MCX’s CurrentC app, on the other hand, favors transactions funded by store-branded cards or a connection with a customer’s checking account — all of which carry lower fees than credit card purchases.”

Look no further than the video below in which Walmart assistant treasurer Mike Cook and Visa executive Jim McCarthy had a heated discussion about credit card fees at a recent payment conference called Money2020.

Merchant Customer Exchange (MCX) consists of several other retailers, including CVS, Rite Aid, 7-Eleven, Best Buy, Lowe’s, Publix, Sears, Shell, Sunoco and Target. MCX’s CurrentC has an expected launch date of early 2015.

Walmart did not provide comment.


Filed under: iOS Tagged: Apple pay, Credit card, currentc, Fees, MasterCard, MCX, Visa, Walmart

Visit 9to5Mac to find more special coverage of iOS, Apple pay, and Walmart.

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Joe Rossignol

November 10th

Apple

Mac

Verizon Waives Voice and Text Charges For Sandy Victims

Verizon has announced that it will waive domestic voice and text charges for customers who were affected by Hurricane Sandy. More »


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Jamie Condliffe

November 8th

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Verizon Waives Voice and Text Charges For Sandy Victims

Verizon has announced that it will waive domestic voice and text charges for customers who were affected by Hurricane Sandy. More »


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Jamie Condliffe

November 8th

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Spirit Airlines Figures Out How To Screw You Even Harder With Bag Fees [Fees]

Spirit Airlines introduced the ludicrous concept of charging you for carry-on luggage two years ago. Apparently that wasn't terrible enough because now the airline says it wants to charge more than twice as much if you haven't paid for your bag when you get to the gate. Jerks. More »


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Mario Aguilar

May 3rd

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We’re not the only ones carriers are overcharging; cell phone wiretap fees revealed

Cell phone bills are a tough pill to swallow each month, often reaching well into the hundreds-of-dollars range for families or even individuals. Regional and prepaid carriers offer some relief, but users who need nationwide coverage and a wide variety of handsets to choose from often have no choice but to pay a premium. According to documents recently obtained and published by the American Civil Liberties Union, consumers and business users aren’t the only ones overpaying wireless carriers for service. Read on for more.

A series of documents detailing the rates each of the four major U.S. carriers charge law enforcement agencies to execute cell phone wiretaps was unearthed last month, and as Forbes reports, the rates are fairly surprising — or perhaps unsurprising, considering how much consumers and businesses pay.

According to the documents, T-Mobile charges law enforcement agencies a flat fee of $500 per “target” to execute a wiretap on a mobile phone. Sprint charges a similar $400 fee along with a daily fee of $10 capped at $2,000 for ongoing monitoring. AT&T bills law enforcement $325 per tap plus $5 per day for data monitoring and $10 per day for voice monitoring, and Verizon Wireless charges $750 per month to tap a cell phone.

Other services incur additional fees, Forbes reports. Carriers charge between $30 and $150 for access to a target’s text messages and voicemail, for example, and the companies bill between $30 and $150 per tower per hour to monitor the numbers of every user accessing a certain cell tower. To track a target’s location, carriers charge as much as $100 per day.

Both Verizon and Sprint confirmed to Forbes that the companies do not charge police in the case of emergencies. AT&T and T-Mobile declined to comment on their respective wiretap policies.

Phone line worker image via Shutterstock

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Zach Epstein

April 4th

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Verizon halts dubious third-party billing on landlines, years after landlines were ‘in’

ImageOkay, okay -- landlines are still useful. But rapidly growing, they are not. That said, Verizon is caving to congressional pressure in a relatively minor way, announcing that it'll be banning certain third-party charges on landline bills. In political circles, the process is known as "cramming," where customers (oftentimes unknowingly) submit their number to certain third-party add-ons that have generated some $10 billion in revenue over the past five years. Sen. Jay Rockefeller from West Virginia is applauding the move, and also encouraging Congress to make this commonplace across all carriers. Curiously, there's no mention of mobile blocking, where consumers are regularly duped into subscribing to recurring fees via text-based competitions and contests. Perhaps when we've all moved on to telepathy, the feds can get right on that.

Verizon halts dubious third-party billing on landlines, years after landlines were 'in' originally appeared on Engadget on Wed, 21 Mar 2012 14:27:00 EDT. Please see our terms for use of feeds.

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Darren Murph

March 21st

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AT&T doubles handset upgrade fee to $36 [updated]

AT&T is increasing the fee charged when subscribers upgrade to new handsets on contract beginning this Sunday. BGR has been informed by multiple readers via email that AT&T has sent them notices regarding the increased fee, which had previously been $18. ”Because the overall costs associated with upgrading to a new device have increased, effective Sunday, February 12, 2012, AT&T will change its upgrade fee from $18 to $36,” AT&T said in a note to dealers obtained by BGR. An AT&T spokesperson did not immediately respond to a request for comment. A portion of the memo follows below.

UPDATE: AT&T has confirmed the change. “Wireless devices today are more sophisticated than ever before. And because of that, the costs associated with upgrading to a new device have increased and is reflected in our new upgrade fee,” an AT&T spokesperson told BGR via email. “This fee isn’t unique to AT&T and this is the first time we’re changing it in nearly 10 years.”

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Zach Epstein

February 10th

Apple

Verizon scraps plan for $2 billing fee

Verizon Wireless on Friday announced that it is canceling plans to charge a $2 convenience fee to customers making one-time bill payments online or over the phone. The carrier announced earlier this week that the new fee would allow it to continue providing subscribers with the option to make one-time payments using its web-based and telephone payment systems. Following a rash of negative press and customer complaints, Verizon confirmed that it will scrap plans to introduce the new fee next month. “At Verizon, we take great care to listen to our customers, Verizon Wireless CEO Dan Mead said in a statement. “Based on their input, we believe the best path forward is to encourage customers to take advantage of the best and most efficient options, eliminating the need to institute the fee at this time.” The carrier’s full press release follows below.

Verizon Wireless Will Not Institute Single Payment Fee 

12/30/2011

Verizon Wireless has decided it will not institute the fee for online or telephone single payments that was announced earlier this week.

The company made the decision in response to customer feedback about the plan, which was designed to improve the efficiency of those transactions. The company continues to encourage customers to take advantage of the numerous simple and convenient payment methods it provides.

“At Verizon, we take great care to listen to our customers. Based on their input, we believe the best path forward is to encourage customers to take advantage of the best and most efficient options, eliminating the need to institute the fee at this time,” said Dan Mead, president and chief executive officer of Verizon Wireless.

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Zach Epstein

December 30th

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