Eddy Cue, Apple's senior vice president of Internet Software and Service, introduces Apple Pay during the launch event in Cupertino, California, on September 9, 2014. (Photo: Reuters) 
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Eddy Cue, Apple's senior vice president of Internet Software and Service, introduces Apple Pay during the launch event in Cupertino, California, on September 9, 2014. (Photo: Reuters) Apple Inc will charge fees from banks every time consumers use their iPhone to make purchases, a move that will give the company a cut of the growing mobile payments market.
Apple unveiled the mobile payments service Apple Pay, along with a smartwatch and two larger iPhones on Tuesday.
The new iPhones will come equipped with the payments service, which launches in the United States next month and allows users to pay for items in stores with their phones instead of physically presenting their credit or debit cards.
A Bloomberg report, citing people with knowledge of the arrangement, said the Apple will collect a fee for each transaction under deals struck individually with each bank.
The introduction of the new payment service comes at a time when the US mobile payments market is expected to see steep growth: Forrester Research forecasts US mobile payments will reach $90 billion in 2017, a 48 per cent increase from 2012.
Apple was not immediately available for comment outside regular US business hours.
(Reuters)
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