Apple is expanding its role in the Australian payments sector by allowing businesses to accept tap-and-go credit and debit card payments on iPhones, as banks and fintechs compete for small business customers through their apps.
its Android phones – means businesses can receive contactless payments by downloading a bank or fintech app, without needing a payment terminal or “dongle”.
Apple will make revenue from charging banks and fintechs that offer the service to merchants, but it has not disclosed the size of its cut. The cost to merchants of accepting payments through an iPhone would be “very similar” to the costs of doing so through a payment terminal, Davey said. Apple does not process the actual movement of money between accounts, which will occur via existing credit and debit card infrastructure.
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