Canadian banks got slightly better deal on Apple Pay: source

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The deal in Canada, which came after months of negotiations, will broaden the availability of the tech giant’s mobile wallet service Apple Pay.

A landmark deal by Canadian banks to embrace Apple Inc.’s mobile wallet payment system Tuesday came on slightly more favourable terms than U.S. financial services firms received, according to a source familiar with the arrangement.

While Apple Inc. will receive 0.15 per cent or 15 basis points on credit transactions — comparable to the widely reported figure for Apple Pay in the United States, which works out to 15 cents for every $100 purchased — a lower fee of four basis points will be applied to credit transactions after an annual payment of 50 cents per card.

The source characterized the arrangement as more in line with the lower fees paid to Apple in Australia and the United Kingdom.

The deal in Canada, which came after months of negotiations, will broaden the availability of the tech giant’s mobile wallet service Apple Pay. Financial terms were not disclosed by Apple or the banks.

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