Ca-ching, ca-ching, ca-ching! That’s the sound that’s ringing through Apple executives’ heads when they think about the millions of consumers who will soon be using their iPhone 6’s to pay things using the new Apple Pay platform. MacRumors points us to a new report in The Financial Times that explains how Apple will keep a 0.15% cut of every purchase you make with Apple Pay.
LEARN MORE: Apple unveils Apple Pay, its bold new service the replace your wallet
While this may not sound like much, it’s actually going to add up to a lot — consider that if you use Apple Pay to buy something worth $100, Apple makes $0.15 from it. Then multiply that by the amount of iPhone users out there who could make similar purchases, and you’re talking about a lot of cash. And that’s not all — The Financial Times writes that this is “an unprecedented deal, giving Apple a share of the payments’ economics that rivals such as Google do not get for their services.”
Of course, this sort of system will only rake in cash for Apple if it catches on. So far, Google’s own Google Wallet platform hasn’t exactly caught on with consumers and mobile carriers’ own attempt at creating a mobile wallet app is basically dead on arrival. If Apple does find a way to crack mobile payments, however, it will stand to make a very handsome profit indeed.
