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Banks rushed to work with the Apple Pay mobile wallet when it debuted in 2014. They have some regrets.
When Apple Pay launched, the tech giant got big banks including JPMorgan Chase & Co.
JPM,
Capital One Financial Corp.
COF,
and Bank of America Corp.
BAC,
to agree to pay fees that would allow their cardholders to pay by iPhone. But some banks have grown unhappy with the costs, especially after Apple Inc.
AAPL,
introduced its own new credit card in 2019, according to people familiar with the matter.
Some banks are pushing back, nudging card network Visa Inc.
V,
to change the way it processes certain Apple Pay transactions, according to some of the people. The change would trim the fees that banks pay to Apple.
Visa plans to implement the change next year, according to people familiar with the matter and a document viewed by The Wall Street Journal. Apple executives have told Visa executives they oppose the change, the people said. The two companies are in discussions and it is possible the planned change won’t kick in.
An expanded version of this story appears on WSJ.com.
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