Apple Pay needs banks even more than users. It is the reason for being of this payment system through devices such as iPhone or Apple Watch, above all. When the service was born, banks were delighted to have Apple as a partner. However, as time passes, this relationship has become entrenched. Especially for money. The commissions for some are few and for others sufficient. But now the war has become even more open if possible.
Between the banks and Apple there is a much more aggressive player and let’s say that with less to lose in an open war with the American company. Visa has decided that it cannot continue as before. Apple agreed not to develop a card processing network to compete with Mastercard and Visa as part of its initial push for Apple Pay adoption. As it stands today, banks pay Apple a fee every time cardholders use their card for Apple Pay transactions.
Something that does not see with good eyes Visa. Of course. The banks appear to be rejecting the fees, asking Visa to “change the way it processes certain Apple Pay transactions.” Although this was previously agreed between Visa and Apple, it would not take effect until next year. Negotiations between the two have started but not on the right foot. Apple does not want to compromise and Visa should not, since it has been this that has started the “loot.”
The bulk of the disagreement occurs because the change would apply specifically to recurring automated payments. This would mean that Apple would not get fees on any such transaction. Such as streaming services and gym payments, processed with Apple Pay after the first payment.
Another fight is coming as with Epic Games.