The relationship between Apple and US banks is beginning to show strain, according to a new report from the Wall Street Journal. The report, citing “people familiar with the matter,” says that banks such as JPMorgan Chase, Capital One, and Bank of America have “grown unhappy with the costs” associated with Apple Pay transactions, particularly after Apple introduced its own Apple Card product in 2019.
The report also reveals the tidbit that Apple agreed not to develop a card processing network to compete with Mastercard and Visa as part of its initial push for Apple Pay adoption.
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