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Apple and Visa were rumored to be in discussions about an enhanced mobile payments system that could be announced when the tech giant introduces the new iPhone Sept. 9.

“I’m sure that this (cheaper interchange rates) has come up in those discussions,” Rick Oglesby, a senior analyst and consultant for Double Diamond Group, wrote to Mobile Payments Today in an email.

But Ogelsby said not to expect interchange reduction on Touch ID transactions any time soon.

While Visa and MasterCard set the interchange rates, the banks who issue payment cards are the ones who benefit from those fees.

Mobile Payments Today, August 28, 2014