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Apple 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
by Letio 12y ago
Apple 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...