Apple Said to Negotiate Deep Payments Discounts From Big Banks

Ian Kar, writing for Bank Innovation:

According to Noyes, while banks control the card-present/not-present rates, the networks negotiate the rates with payments processors. The differences can be dramatic. Apple was apparently adamant about getting the card-present rates and told issuers that it would assume some of the fraud risk inherent in every transaction by providing a secure element via biometric authentication (its TouchID feature) and location data provided through an NFC chip. The Apple payments platform will work with all of their cards.

Apple seems to be playing on a different level sometimes.

★ Thursday, 4 September 2014