Apple pay and banks

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

  1. eish2306 macrumors regular


    Apr 30, 2013
    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

    Sep 29, 2014
    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


    Sep 7, 2014
    Naperville, IL
    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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