The full 19-page contract that banks wishing to offer Apple Pay to their cardholders must sign in order to take part has been leaked to Digital Transactions. Among the fees and obligations set out in the contract banks agree to make at least 95% of their network-branded cards available to the wallet, to submit in-depth accounting reports twice a year and to pay a 0.15% commission to Apple. The contract also reveals that fees due to Apple will be collected on the iPhone maker’s behalf by Visa and MasterCard.
- Samsung Pay gets new features and gives away $100,000 in prizes
- NXP rebrands Mifare SDK as TapLinx
- FCC authorizes mysterious Apple product
- Android Pay users get free London travel and coffee
- Gemalto and BankAxept to simplify mobile payments for Norwegian banks