Apple Pay has finally launched in Australia today....kind of.

It only has one partner as of today and that is American Express. It's believed the major banks are holding out over the cut Apple wants to take from each transaction.

The Sydney Morning Herald reports:

"Banks have been in intense negotiations with the tech giant for a year, but have resisted its demand for a substantial cut of the $2.2 billion in fees they receive from merchants known as the interchange fee as well as from Amex for issuing its cards.

It is not known whether Amex is giving Apple some of its fees.

Many in the banking sector see the deal with Amex as a ploy to put pressure on the banks to concede defeat, but most spoken to by Fairfax Media privately say the volumes that Amex carries will not sway them.

In September, Apple appointed ANZ Bank cards executive Marj Demmer to continue negotiations over Apple Pay with the banks. It is understood Apple is still trying for 15¢ out of the average 83¢ in every $100 transaction that the banks get for issuing Visa and MasterCard.

Retailers and payment providers are all keen to be involved in the excitement of a new Apple product. On Tuesday, David Jones was giving photo opportunities to the media with customers using iPhones to pay."

It's only a matter of time now!