Google won’t earn any transaction fees from credit card issuers for Android Pay, unlike Apple which receives 0.15% of the value of each credit card transaction made with Apple Pay, sources have told The Wall Street Journal.“That is because Visa and MasterCard recently standardised their tokenization card-security service and made it free, preventing payments services from charging fees to issuers,” the newspaper reports.
- Orange to launch mobile-only bank with NFC payments and AI
- Bank of Korea signs up retailers for coinless society trial
- Six Dutch banks to take Belgium’s Payconiq to the Netherlands
- NXP and GCL Technologies offer NFC tamper evident closure solution for wine and spirits brands
- Mastercard tests biometric payments card in South Africa