Contract reportedly details what banks must agree to in order to appease Apple

Details of the terms and conditions that banks and credit card companies will have to follow for the new Apple Pay system have reportedly been revealed by a financial analyst, including word that Apple will get 15 basis points for each credit card transaction, along with half a penny for each debit card use.

Sanjay Sakhrani, an analyst for Keefe, Bruyette & Woods, revealed some more specific details about Apple Pay's terms:

• On behalf of Apple, the networks will collect the portion of interchange owed to the company from the issues and will only then pass along the fees to Apple.
• Issuers must allow at least 95 percent of the cards in their portfolio to participate in Apple Pay, which may not necessarily include gift cards or ATM-only cards.
• Apple has the ability to request up to two times a year that the amounts the issuers pay are accurate. Apple reserves the rights to seek advice from independent auditors to verify accuracy.
• Issuers must supply Apple with various data statistics in nearly three dozen categories, including transaction and purchase volume data, top 100 merchants by purchase volume and average ticket.

Source: Benzinga