All the website says is that it's a new way to purchase things, and that my credit card is involved somehow.
Is Apple pay like a credit card I have to pay off each month, or does Apple charge my credit card to hold money like a Starbucks card?
Is there a fee or percentage taken by Apple? If there's no fee, then how is Apple funding this?
If someone could direct me to a webpage where this is all explained, I'd be grateful. The official site doesn't seem to explain any of this.
Apple Pay is a mobile payment and digital wallet service provided by Apple Inc. that allows you to make payments and purchases using your iPhone, iPad, or Apple Watch.
When you use Apple Pay, your credit card is linked to your Apple Pay account and is used to make payments. You can add your credit card to Apple Pay by entering the card information into the Wallet app on your device. Once the card is added, you can use it to make purchases at participating merchants and in participating apps.
Apple Pay does not charge a fee to use the service, and there are no monthly fees or other recurring charges. Instead, Apple makes money by charging merchants a small percentage of each transaction as a processing fee. This fee is usually passed on to the consumer in the form of higher prices, just as with traditional credit card transactions.
Apple Pay is available in many countries around the world, and the specific features and availability may vary depending on your location. You can learn more about Apple Pay by visiting the Apple website or by contacting Apple support for more information.
Use Apple Pay for contactless payments on iPhone - Apple Support
You haven't really answered my question.
Does Apple take money from my credit card ahead of time (like a Starbucks card), effectively making it a loan? Or is it just a complicated way to charge purchases to my credit cards (one that gives Apple some money as well)?
I appreciate your personal promise that Apple will only charge the merchant (not me) a fee for this, but that's not what the website you linked to says. It is completely silent on whether Apple will charge me money. Also Echopulse (see other replies) claims otherwise.
But thanks for copying the material on Apple Pay that I'd already read & referenced in my question, I guess.
Most of that is correct, but Apple does not charge merchants a fee. The fee is charged to the bank of the credit or debit card.
What is apple pay?
