Report reveals Apple Pay requirements for card issuers | iLounge News

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Report reveals Apple Pay requirements for card issuers

Financial news site Benzinga has provided a summary of a new report from Sanjay Sakhrani of Keefe, Bruyette & Woods that provides some insight into Apple’s contractual relationship with card issuers for Apple Pay. The report naturally provides some details on the percentage that Apple takes from transactions, but also highlights Apple’s requirements for card issuers to participate in Apple Pay. Card issuers must apparently “allow at least 95 percent of the cards in their portfolio to participate in Apple Pay,” the report notes, and also adds that Visa and MasterCard are playing a “large operational role” in the new payment system. Apple also receives “15 basis points per credit card transaction” and 0.5 cents per debit transaction; issuers are required to supply Apple with “various data statistics in nearly three dozen categories.” [via 9to5Mac]

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