I’m aware they are charging banks a small percentage in regards to Apple Pay, but not aware of them selling access of customers purchasing information.
It's the main reason why banks pay Apple. Apple is not selling info, but access to that info.
The US smartphone model at the time of Apple Pay was that of Google Wallet... which also used a token account, but usually under Google's name. That meant the banks got NO purchase info at all. No store. No location. Usually not even a category. Just a charge from "Google".
Apple knew that banks were worried that they'd do the same thing and act as a proxy. They knew the banks would pay in order to continue getting direct detailed information. That's the main reason Apple was able to ransom access to iPhone users. It certainly wasn't about fraud, which cost the banks less than paying Apple.
This is why it's silly when people talk about Apple valuing privacy. If they really did, they'd have gone the Google Wallet route and acted as a proxy to hide all our purchases from the banks as well as from stores. But Apple valued making money.
Interestingly, Apple demands constant reports back from the banks with aggregate info on purchase amounts, locations, categories... information which banks previously had considered private and proprietary. This is a major factor that delayed the UK banks from joining up at first.
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People are so upside down about what to worry about, and what actually can have a bigger effect on their lives.
If, say, you were to buy liquor in a different town during work hours with an anonymous purchase method like the original Google Wallet, the worst that would happen to you is seeing more liquor ads. Ditto for paying for a divorce lawyer - just more lawyer ads. So what.
But when you use Apple Pay, the banks can see the location and category. And their computers are going to put you on a watch list and even perhaps drop your credit rating, because your purchases tell them that you might have lost your job. Or that you could be paying alimony soon.