Apple Pay was announced at Apple’s event on the 9th of September and while the service does add a layer of convenience to iPhone 6 users, we also expect that Apple had introduced this service as another way of making money. After all we doubt that they introduced it for charitable reasons, right? A report the next day suggested that Apple could be taking a cut from the transactions and now according to a report from the Financial Times, it seems that Apple could be earning 0.15% of each transaction whenever it is used. The report claims that banks have worked out a deal with Apple in which 15 cents from a $100 purchase would go towards Apple.

The Financial Times has an interesting detail not disclosed or previously reported about Apple’s new payment system introduced earlier this week and due out next month. Through Apple Pay, which uses a combination of NFC and Touch ID for authorizing mobile payments, the iPhone maker will collect 0.15% of each transaction that goes through the service. “Bank chief executives fawned about the “exceptional customer experience” and the “exciting move”. They are also paying hard cash for the privilege of being involved: 15 cents of a $100 purchase will go to the iPhone maker, according to two people familiar with the terms of the agreement, which are not public. That is an unprecedented deal, giving Apple a share of the payments’ economics that rivals such as Google do not get for their services.” That means that every time you use your iPhone 6 or iPhone 6 Plus to check out at a supported vendor, a feature which is likely going to save you time, Apple is positioned to build a new revenue stream of its own for facilitating the transaction.