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Visa plans to cut Apple Pay fees!

CreditPacMan
Established Contributor

Visa plans to cut Apple Pay fees!

Thought this is interesting ...


Visa shared its planned technical change with at least some banks in recent months. A document reviewed by the Journal that explained the new process didn’t mention the fees but detailed a change to so-called tokens that Visa issues for mobile-wallet payments.

When consumers load their credit card onto Apple Pay, Visa issues a special token that replaces the card number. That allows the card to work on Apple Pay and also helps keep the card secure in a potential data breach, among other benefits.

Visa plans to start using a different token on recurring automated payments. That effectively means that after a first payment is made on a subscription, Apple won’t get fees on the following transactions.


https://9to5mac.com/2021/10/05/apple-pay-fees-banks-visa-report/

 

I'm definitely interested to know how much Apple makes from Apple Pay. 

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