Billed as a way customers can make “payments with the touch of a finger,” Apple Pay rocked the payments world on October 20, 2014, when it launched in the United States. Many financial institutions quickly began offering the technology to members — as well as paying Apple a rumored 15 basis points for every credit card transaction and half a penny for debit card transactions.

Three years later, those financial institutions will likely renew their contracts, but there probably won't be much upheaval in the terms or pricing, according to Lou Grilli, a self-described avid Apple fan and director of payments strategy at CSCU in Tampa, Florida.

“I cannot confirm or deny that there are terms in the Apple Pay contracts that require an issuer to yield to Apple some number of basis points on each credit transaction and some number of cents per debit transaction, since I am privy to those contracts,” he said. “But I can tell you that I have not seen revisions to the contracts from Apple regarding terms and conditions. And I don't have anything to offer for credit unions to have a better position when renewing these contracts.”