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Banks and Credit Unions to Team Up Against Apple Pay Fees

127 points · 133 comments · Brajeshwar

  1. havaloc · · focus · HN ↗
    I get why the banks are not happy, but I can tell them that I am not going to use Chase Wallet, Bank of America Wallet, Citi Wallet...just pay the fee and be thankful for the reduced payment friction, which they invariably make money from. PS: Nobody is going to use Paze (yet another half baked wallet), other than to collect the free $10 to sign up for it.

    Somewhat related, even Walmart relented and now supports Apple Pay/Contactless. Every big merchant has now relented (Kroger, Home Depot, Walmart).

    1. caycep · · focus · HN ↗
      granted i am a bit of schadenfreude at the thought of poor poor megabanks having to pay....fees...
      1. otterley · · focus · HN ↗
        Ultimately it comes out of their customers’ wallets.
        1. wasm777 · · focus · HN ↗

          [dead]

        2. dijit · · focus · HN ↗
          Probably, but there is an upper limit on what people will be able to tolerate, everyone is aware of it and capitalism is trying to make products that meet it.

          So, it’s not unlimited cost here.

          The fact right now is that handling cash is more expensive than handling card- even with the fees, which is why Sweden, Estonia etc; are essentially cash-free countries.

          At some point the fee’s will make you break-even I guess?

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