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Apple in talks with French banks to launch payment service

Apple in talks with French banks to launch payment service

(29 February 2016 – France) Following its Chinese launch, Apple is planning to roll out its mobile payment services, Apple Pay in France in the near future. The tech giant is reportedly in discussions with French banks for a phased rollout.

There has not been confirmation on the precise time and date of the launch. However, the Cupertino-based company is expected to start off with a "handful of banks" and gradually expand the service to other banks.

According to French publication, Les Echos, Apple Pay service will arrive gradually, and it would take more than six months before the general public can access it as banks would opt to first run pilots.

At present, Apple Pay is negotiating on the banks' charges and commission per transaction. The fee has always been a matter of concern for both parties — the digital payment firm and the banks. Though official numbers have not been disclosed, in the US, Apple is said to earn 0.15% of the transaction and it is even lower in the UK.

In the UK, the payment services receives 5 cents per transaction, equal to "more than half of the average income", earned on a transaction. That is compared to banks typically receiving 9 cents per transaction made with a debit card.

Apple Pay is already available in the US, UK, Canada and Australia (although it has only signed American Express there) and is expected to launch in Hong Kong, Singapore, and Spain by the end of 2016.

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