Bank Innovation shares some new details on Apple’s mobile payments project this afternoon, reporting the company has managed to negotiate deals for lower credit card transaction fees with several banking institutions. This includes JP Morgan Chase, Citigroup, Capital One, and Bank of America.

Citing sources familiar with the negotiations, the site says that the banks have all agreed to give Apple a flat transaction rate for both in-store and online purchases, which is fairly uncommon in the industry. They will also apparently give the Cupertino firm a 10% discount on all of its processing fees.

Bank Innovation’s Ian Kar explains that the banks inked the deal for two reasons: one, Apple agreed to include all cards from the issuers, and two, it said it would assume some sort of liability in the service. It plans to authenticate transactions via Touch ID and location data from the new iPhone’s NFC chip.

Today’s scoop follows several other reports regarding Apple’s apparent mobile payments project. The company is said to have signed on Visa, MasterCard and American Express for the service, as well as several high-end retailers, and it’s believed that it plans to unveil it at its iPhone event next Tuesday.

[Bank Innovation via MacRumors]

  • Apple can end world hunger if they keep at this pace..

    • Huh? By storing cash in their pocket they’ll end world hunger?

  • Chindavon

    The Chess pieces are in place. It’s Time.

  • Blaqheart

    Sell ice to Eskimos….sand to Middle Easterners….

    Good job Apple….

  • Tobias9413

    Wait so what does this mean for us, the consumers?

    • James Gunaca

      Broader, faster adoption of the payment platform by the retailers we want to use it at.

      Problem with Passbook was adoption. Adoption for a payment platform relies heavily on fees. Vendors will be attracted to the apple platform because it means lower fees for them as well.

  • dothack

    the next big thing from apple iBank.

  • Omar Ruiz

    The people that work for Apple make it happen.