Do you guys know that Apple charges your bank every time you use your card for Apple Pay?

Do you guys know that Apple charges your bank every time you use your card for Apple Pay? It's exactly 0.15% for credit card transactions and 0.005 cents for debit transactions. Let's talk about how Apple Pay makes money. When banks have to make their cards available by Apple Pay they sign an issue agreement with Apple where they opt into this charge. Granted the banks are already charging merchants every time you swipe your card so this is just making the cut a little bit smaller. And that's exactly why Apple has the banks in a 360 deal because they get more money when you swipe your card. And the banks hate this fee. They hate this fee so bad that Capital One bought Discover. They hate this fee so bad that another group of banks are considering buying a card network that you and I use. But let me know if you want to hear more about that. So it's a win for Apple because they get all this transaction data flowing through their system. It makes the iPhone pretty attractive and they literally get paid. It's a win for the banks because they get more revenue even though they hate that they're paying for it. And it's a win for you and I because we get to use our cards even when we don't have it on us.