In reply to PaymentsPros.

I accept that it is difficult ascertaining just what is going on …

OK, so MasterCard will charge for token use, generally; that means that both MasterCard and Apple are effectively taking a fee for the same service.

Regardless, given that the very big retailers are paying a discount fee of probably only ~0.5%; Apple’s reported 0.15% represents 30% of that total discount fee; if the acquiring bank is paying that fee out of whatever is their share of the discount fee there can’t be much left over for them …