Apple to receive cut of bank fees from Apple Pay mobile payment system

It was originally rumored that Apple had negotiated lower transaction fees with large banks for its new Apple Pay mobile payments system, but it turns out that the Cupertino-based company might have an even better deal in place. According to Bloomberg, citing three people with knowledge of the arrangement, Apple will reportedly receive a cut of bank fees from financial institutions when a consumer uses an iPhone in lieu of a credit or debit card for purchases. 
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