Report Shares Details Of Apple Pay Requirements For Card Issuers
A new report from Sanjay Sakhrani of KBW and detailed by Bezinga claims to share details of Apple’s contract with card issuers for Apple Pay. In addition to sharing details on Apple’s cut of transactions, the report highlights requirements from Apple’s terms and conditions that card issuers must follow to participate in the new payments service. Among the terms, card issuers reportedly “must allow at least 95 percent of the cards in their portfolio to participate in Apple Pay,” which the report points out might not include ATM or gift cards....