Apple Said to Reap Fees From Banks in New Payment System
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Apple Inc. will reap fees from banks when consumers use an iPhone in place of credit and debit cards for purchases, a deal that gives the handset maker a cut of the growing market for mobile payments, according to three people with knowledge of the arrangement.
The iPhone 6 and iPhone 6 Plus, unveiled yesterday, include a new service called Apple Pay that lets users shop with the tap of a finger on a phone, instead of swiping a card. Banks including JPMorgan Chase & Co., Bank of America Corp. and Citigroup Inc. agreed to integrate their cards into the system.