Good! Apple has had a very weird agreement with the issuer banks and payment networks covered here by the WSJ https://archive.is/H37WU https://archive.is/H37WU

Good! Apple has had a very weird agreement with the issuer banks and payment networks covered here by the WSJ https://archive.is/H37WU https://archive.is/H37WU (Please, support them if you can afford it, they produce wonderful journalism) Tl;dr: - Banks agreed to pay Apple 0.15% of transactions - Payment networks allowed them to select which banks and which cards would be supported. The industry standard is, if you support one card you have to support all - Somehow, the payment networks convinced Apple to agree not to compete with them by creating their own payment network in exchange for favorable terms