A number of banks are currently pressuring Visa to make changes to the way it processes some payments made via Apple Pay, moves that would reduce the fees the banks pay to Apple for certain transactions, reports The Wall Street Journal.
At the heart of the issue are automatic recurring payments like memberships and streaming services. Visa is aiming to change the way it issues tokens for Apple Pay cards such that Apple would only receive a transaction fee on an initial subscription payment and not on subsequent transactions.
