Chinese banks reportedly pay about half the fees as their U.S. counterparts

Apple Pay launched in China on Feb. 28. Apple service for purchases, but they will be about half of what the U.S. tech giant charges in the United States, reports Caixin Online, quoting unnamed “people with knowledge of the matter.”

Chinese banks have agreed to pay around 0.07 percent of each transaction to Apple, the sources said. Apple Pay reportedly collects 0.15 percent of each purchase from banks in the United States. Apple will start collecting the fees in two years, according to Caixin Online.

Apple Pay entered China via a partnership with UnionPay.  Fifteen major banks, including the nation's biggest lender, Industrial and Commercial Bank of China, have agreed to let customers link their bankcards to Apple Pay.