Visa

12348.755 - 12373.769 Ben Gilbert

because they stack an extra 15 basis points on top of the other three fees that we talked about, the one to go to the issuer, the one to go to the merchant's bank, and the one to go to Visa itself. And so if Apple has convinced merchants that it's fine to lose another 15 basis points on every transaction because it's so freaking convenient that users get to tap their phone or their watch,