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Contract reportedly details what banks must agree to in order to appease Apple

<div class="field field-name-body field-type-text-with-summary field-label-hidden"><div class="field-items"><div class="field-item even" property="content:encoded"><p><a href='http://www.imore.com/contract-reportedly-details-what-banks-must-agree-order-appease-apple' title="Contract reportedly details what banks must agree to in order to appease Apple"><img src='http://www.imore.com/sites/imore.com/files/styles/large_wm_brw/public/field/image/2014/10/apple_pay_card_closeup_iphone_6_hero.jpg?itok=kd-ey3Dw' />[/url]</p> <p>Details of the terms and conditions that banks and credit card companies will have to follow for the new Apple Pay (http://www.imore.com) system have reportedly been revealed by a financial analyst, including word that Apple will get 15 basis points for each credit card transaction, along with half a penny for each debit card use.</p> <!--break--> <p>Sanjay Sakhrani, an analyst for Keefe, Bruyette &amp; Woods, revealed some more specific details about Apple Pay's terms:</p> <ul><li>On behalf of Apple, the networks will collect the portion of interchange owed to the company from the issues and will only then pass along the fees to Apple.</li> <li>Issuers must allow at least 95 percent of the cards in their portfolio to participate in Apple Pay, which may not necessarily include gift cards or ATM-only cards.</li> <li>Apple has the ability to request up to two times a year that the amounts the issuers pay are accurate. Apple reserves the rights to seek advice from independent auditors to verify accuracy.</li> <li>Issuers must supply Apple with various data statistics in nearly three dozen categories, including transaction and purchase volume data, top 100 merchants by purchase volume and average ticket.</li> </ul><p>Source: Benzinga (http://www.benzinga.com/analyst-ratings/analyst-color/14/11/4975141/kbw-apple-pay-issuer-contract-reveals-pricing-and-networ)</p> </div></div></div><div id="comment-wrapper-nid-28112"></div><img width='1' height='1' src='http://tipb.com.feedsportal.com/c/33998/f/616881/s/401dc46a/sc/36/mf.gif' border='0'/><br clear='all'/>

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