

Apple Said to Negotiate Deep Payments Discounts from Big Banks - Bud
http://bankinnovation.net/2014/09/apple-said-to-negotiate-deep-payments-discounts-from-big-banks/

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walterbell
tl;dr

 _" Banks offered the discounted fee for two reasons: for the Apple payments
platform to accept all of the cards from the issuers, and for Apple to assume
some of the liability by including two secure elements that will authenticate
transactions — location data via the NFC chip, and biometric security. This is
essentially a wash for the financial services industry: they lowered fees for
Apple for the privilege of being included in Apple’s payments initiative, but
managed to put some of the transaction risk to Apple."_

