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.
- Atos offers to acquire Gemalto for €4.3bn
- Men’s Health gives positive review to Gymkit with NFC
- First US gym adds support for Apple Watch NFC pairing with exercise machines
- Australian banks ordered to cut contactless transaction fees
- GfK: Promoting the security of mobile payments could be the key to wider adoption