Thread: Problems for Apple
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Old 10-29-2014, 02:29 AM   #74
Fbone
Is that a sandwich?
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Quote:
Originally Posted by Andrew H. View Post
Apple doesn't track your purchasing habits. Apple doesn't know what you bought.

Apple doesn't charge the merchant anything to use Apple pay. The bank pays .15% of the transaction to Apple for Apple pay. This the difference between a card-not-present and card-present transaction - basically, the bank is accepting the card-present fee for use of Apple Pay, even though it is technically a card-not-present transaction.

It doesn't matter if Apple gets hacked. Apple doesn't have your credit card number. Nor is it shared with the merchant, which is why it's more secure.
The media is also reporting that Apple negotiated bank fees of 1.5% instead of their usual 2-3% because Apple Pay is designed to be more secure.
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