Apple pay and banks

Discussion in 'Apple Music, Apple Pay, iCloud, Apple Services' started by eish2306, Jun 2, 2015.

  1. eish2306 macrumors regular

    eish2306

    Joined:
    Apr 30, 2013
    Location:
    Wales
    #1
    Why does apple deal with banks and not just with the guys behind the cards - in the UK visa and master card for example?
     
  2. simon lefisch macrumors 6502a

    simon lefisch

    Joined:
    Sep 29, 2014
    #2
    Im going to take a guess and say that Visa/MasterCard aren't the ones that issue the credit, the banks do. Visa/MasterCard are just a service (?). The money/credit comes from the bank themselves (ie; if you have a Chase card, your payments go to Chase).

    If anyone else knows the answer to this question please correct me if I'm wrong.
     
  3. ZebraDude macrumors 6502a

    ZebraDude

    Joined:
    Sep 7, 2014
    Location:
    Naperville, IL
    #3
    One of the reasons that I know of as I am Banker by Profession. Apple requires a "cut" or fee for each transaction that is processed through Apple Pay and that requires the individual Bank's to sign up and agree to the T&C's.
     

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