Clark reports, “‘First, Green Dot will serve in the role of merchant of record that accepts credit and debit cards using Apple Pay to fund person-to-person money sending transactions’ Streit said. ‘Then, when users receive money in Apple Pay Cash, their money is securely kept in a Green Dot Bank-issued Apple Pay Cash account that is then available for the recipient to spend with Apple Pay in stores, in apps and on the web, or they can send it to someone else, or transfer to their bank account.”
Read more in the full article here.
MacDailyNews Take: So, as Streit later explained, “As the issuing bank for the Apple Pay Cash account, Green Dot generates interchange revenue when customers use Apple Pay Cash.”
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