[arfrank]

Looks like Apple's commission is ~15-25 BPS for participating banks (from those banks):

   "The biggest “surprise” over last 2 months is that Apple has squeezed 15-25bps from the 5-6 participating banks at launch (C, BAC, COF, JPM, Amex and perhaps WFC)."

http://blog.starpointllp.com/blog/?p=3855

[PanMan]

BPS?

[e1g]

In finance, 1 BPS is 1/100th of a percent. So Apple could be pocketing ~0.2% on all transactions.

The US does about $12B in card transactions per day. This means that for every 1% of US transactions it captures, Apple could add ~$80M to the annual revenue which is a very small amount against its $140B revenue. Yes there are international markets, but still this is not done for profits by itself.

[gtremper]

Basis points, or 1/100th of a percent

http://en.wikipedia.org/wiki/Basis_point

[arstudio]

Definition of 'Basis Point - BPS'

A unit that is equal to 1/100th of 1%