Apple pay and banks

[eish2306]

Why does apple deal with banks and not just with the guys behind the cards - in the UK visa and master card for example?

 

[simon lefisch]

Im going to take a guess and say that Visa/MasterCard aren't the ones that issue the credit, the banks do. Visa/MasterCard are just a service (?). The money/credit comes from the bank themselves (ie; if you have a Chase card, your payments go to Chase).

If anyone else knows the answer to this question please correct me if I'm wrong.

 

[ZebraDude]

Why does apple deal with banks and not just with the guys behind the cards - in the UK visa and master card for example?

One of the reasons that I know of as I am Banker by Profession. Apple requires a "cut" or fee for each transaction that is processed through Apple Pay and that requires the individual Bank's to sign up and agree to the T&C's.