Banks supporting Apple Pay in China will pay approximately half the amount in fees that US banks are paying to support the service — and may have negotiated a lengthy initial holiday period, according to Caixin. “Chinese banks have agreed to pay around 0.07% of each transaction to Apple,” the publication reports. “Apple Pay reportedly collects 0.15% of each purchase from banks in the US. Apple will start collecting the fees in two years.” Apple Pay launched in China last week.

Next: Visit the NFCW Expo to find new suppliers and solutions