- Calling the introduction of Apple Pay an "iPod moment for cash and credit cards," the team at the FT - citing those who are familiar with the terms of the agreement - reports Apple (NASDAQ:AAPL) will get $0.15 for every $100 worth of purchases, a deal others - including Google - have been unable to negotiate with credit card companies.
- "That makes Apple Pay unique," says mobile payment veteran Dickson Chu. "It's somewhat surprising that Apple was able to negotiate something Google couldn’t.”
- Another executive at a payment technology company is surprised banks were so willing to concede to Apple after what happened to the record labels. Banks, however, are wiling to give up per-transaction revenues in the hope of more volume. “What Apple really announced was the end of the plastic credit card, but not the end of paying by credit,” says the head of the Electronic Transactions Association.
- In other news - without giving details - AT&T announces a record iPhone pre-order launch day, and Apple announces first day pre-orders of the iPhone 6 and 6 Plus of more than 4M units.
- AAPL +1% premarket.