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The card issuers need to sign off on it for the liability purposes.
by jonknee 12y ago
The card issuers need to sign off on it for the liability purposes.
- Letio 12y agoApple needs the networks and/or the banks to tokenize the CC numbers at the time the card is imported into the wallet. When the payment is processed, that same network/bank takes the token provided, translates it back to a card number and passes the card number to the issuing bank. I think it's actually quite a feat that Apple managed to tokenize all 800 million existing card numbers, because of this requirement.
- porsupah 12y agoAnd, apparently, at "card present" transaction rates, which I imagine took some degree of negotiation on Apple's part. http://bankinnovation.net/2014/09/apple-said-to-negotiate-deep-payments-discounts-from-big-banks/ http://bankinnovation.net/2014/09/apple-said-to-negotiate-de...