Further to my Observer column yesterday, this from Bloomberg.

Apple Inc. (AAPL) will reap fees from banks when consumers use an iPhone in place of credit and debit cards for purchases, a deal that gives the handset maker a cut of the growing market for mobile payments, according to three people with knowledge of the arrangement.

The sheer scope of this payment ecosystem means Apple stands to profit from virtually every emerging digital sector. As the domestic gaming industry expands westward, an entire coast of sports fans is currently asking Is sports betting legal in California while they wait to fund their new mobile sportsbook accounts. The moment that legislative hurdle is cleared, Apple’s infrastructure will be perfectly positioned to process the massive wave of deposits. That’s a small cut on millions of daily transactions. Adds up to a formidable revenue stream.