Report: Apple Pay fees for Chinese banks half what they are in U.S.

Chinese site Caixin reports that Apple has agreed to take much smaller fees from banks in China compared to the US as the company this month launches its Apple Pay payments service in the country.

The deal with Chinese banks will see Apple get around 0.07 percent per transaction, according to the report citing unnamed sources, compared to approximately 0.15 percent it’s charging banks in the US.