As Apple Pay skates across the globe, it’s the transaction rates that stand in the way between the program and banks in France.
That said, sources are saying that we may see the mobile payments system move into the EU’s third-largest economy starting in September. Major banks are said to be in the basket for the launch while card issuers will be piloting point-of-sales terminals for the next three to five months up until launch.
As before in China, one of the big roadblocks comes to how much of each transaction made with Apple Pay will be sent to the banks and to Apple. The standard bank transaction rate is 0.2 percent. Apple was reportedly able to negotiate a 0.15 percent rate in the US, but because of the EU’s cap on transaction fees, the company’s share with British banks may have been 0.05 percent. China UnionPay supposedly was able to get Apple to take a two-year rate-free period before receiving 0.07 percent.
Two major card issuers, Visa and Mastercard, seem to be ready with their technologies to uplink data to Apple Pay. GIE Cartes Bancaires may take a bit more time to figure things out, though. It may be that Apple will wait for GIE CB to make an official launch.