According to the Wall Street Journal, US banks want to push Apple to change the rules and conditions relating to transactions made with Apple Pay, the aim being to reduce the commission charged on subscriptions. US payment giant Visa is reportedly currently attempting to negotiate these changes.
A commission deducted from US banks at the time of contracting
The Apple firm is under pressure from US banks to reduce the commissions they pay on transactions carried out via its payment app. Indeed, while Apple currently charges a 0.15% commission on every transaction made with Apple Pay. Visa, which acts as an intermediary between the Apple Pay app and the banks, is proposing to limit it to recurring payments to the same service. The banks want this commission to be levied only once, at the time of contractualization. This proposal is categorically opposed by Apple.
At the time, Apple's innovation and the strength of its ecosystem convinced banks to sign up alongside the technology firm, but today, banks are rebelling and no longer accept the conditions it imposes. All the more so as the situation contrasts with the other two giants in the sector, Samsung Pay and Google Pay, which are free and charge no commission. This difference is explained by Apple's advantage in the digital wallet race. Apple Pay is said to have over 300 million users worldwide, almost ten times as many as its rivals.
In the U.S., the major banks believe that adoption of the digital wallet has been slower than expected. The launch of the Apple Card in partnership with Goldman Sachs has turned the company from a payment partner into a genuine competitor for banks. At the same time, other banks may be tempted to collaborate with Apple as Goldman Sachs is doing today.
X-Pay: the fast-growing mobile payment market
In just 3 years, Apple's digital wallet has been adopted by almost all banks ready to offer this service to their customers. In France, even Crédit Mutuel and Crédit Agricole, which had previously refused to sign up with the American giant, have given in.
Establishments have had to face the facts: consumers have become accustomed to using their smartphones for payments. French retailers have also followed suit, with 75% equipped with smartphone-compatible contactless payment terminals. Despite this, volumes are still modest. In 2019, payments via X-Pay (Apple Pay, Google Pay and Samsung Pay) accounted for just 1% of dematerialized transactions, both online and at checkout.
According to the Fédération du e-commerce et de la vente à distance (FEVAD), even if they are in the minority, " these payments are only increasing ".