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Apple Gets Lower Bank Fees for Mobile Payments, Says Report

Apple reportedly has reached deals to lower its card transaction fees with five of the largest financial institutions in the nation as part of the Silicon Valley giant’s to-be-launched payments venture. The financial institutions are American Express, JP Morgan Chase, Citigroup, Capital One, and Bank of America. We’ve reached out to all parties involved and all declined to comment. Rumors about the deals were first made public by Tom Noyes, a financial technology investor and former head of channels at Citi, and confirmed by Bank Innovation sources.

Read the whole story at Bank Innovation »

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