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.
- Apple prepares to launch Apple Pay in India
- Face ID to add privacy layer to lockscreen notifications
- Esso lets UK drivers pay at the pump with their mobile phone
- Bank of America reports $4bn in P2P payments
- Russia to issue state-backed CryptoRuble digital currency