No transaction fee for Google on mobile phone payments: WSJ

THE HEAT IS ON: The Journal said some banks are not happy about sharing fees and could try to use Google's arrangement to effect changes in Apple's deals.

Google's new mobile phone payment service, Android Pay, will not garner any transaction fees from credit card companies, which may put pressure on competitor Apple to drop or lower its charges, the Wall Street Journal reported. 

Apple Pay, which launched last year, reached deals with big banks and other credit card issuers to receive 0.15% of the value of each credit card transaction, the journal said. Apple collects a half-cent per purchase on bank debit cards, it said.