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A comment on Apple Pay. Parent comment

Re:Apple Pay by arfrank on Tuesday September 09, 2014 @04:58PM (#8293078)
Looks like Apple's commission is ~15-25 BPS for participating banks (from those banks):

   "The biggest “surprise” over last 2 months is that Apple has squeezed 15-25bps from the 5-6 participating banks at launch (C, BAC, COF, JPM, Amex and perhaps WFC)."
http://blog.starpointllp.com/blog/?p=3855
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Re:Apple Pay by PanMan on Tuesday September 09, 2014 @05:22PM (#8293270)
BPS?
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Re:Apple Pay by e1g on Tuesday September 09, 2014 @05:58PM (#8293517)
In finance, 1 BPS is 1/100th of a percent. So Apple could be pocketing ~0.2% on all transactions.

The US does about $12B in card transactions per day. This means that for every 1% of US transactions it captures, Apple could add ~$80M to the annual revenue which is a very small amount against its $140B revenue. Yes there are international markets, but still this is not done for profits by itself.

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Re:Apple Pay by gtremper on Tuesday September 09, 2014 @06:12PM (#8293606)
Basis points, or 1/100th of a percent

http://en.wikipedia.org/wiki/Basis_point

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Re:Apple Pay by arstudio on Tuesday September 09, 2014 @05:53PM (#8293482)
Definition of 'Basis Point - BPS'

A unit that is equal to 1/100th of 1%

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