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Visa plans to cut Apple Pay fees!

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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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