02-27-2020, 04:01 AM
I think I see where the confusion lies.
Apple Pay Cash utilizes Green Dot. All banking services are provided by Green Dot in the form of a pre-paid debit card account (which is a special type of custodial account, distinguished from a consumer credit-line, savings or checking account).
If you dig through the Wallet settings for the Apple Pay Cash card, you'll see that the "Network" is "Discover Debit" in the United States.
Because the account with Green Dot is a debit-card, it's processed through Discover Debit (contracting with Green Dot, not with Apple), but it's not a Discover card. If it were a consumer credit account instead of a debit card account, the "Network" would be MasterCard or Visa or AmEx.
The network just processes the transactions and charges merchant fees. It isn't acting as a bank.
Apple Pay Cash utilizes Green Dot. All banking services are provided by Green Dot in the form of a pre-paid debit card account (which is a special type of custodial account, distinguished from a consumer credit-line, savings or checking account).
If you dig through the Wallet settings for the Apple Pay Cash card, you'll see that the "Network" is "Discover Debit" in the United States.
Because the account with Green Dot is a debit-card, it's processed through Discover Debit (contracting with Green Dot, not with Apple), but it's not a Discover card. If it were a consumer credit account instead of a debit card account, the "Network" would be MasterCard or Visa or AmEx.
The network just processes the transactions and charges merchant fees. It isn't acting as a bank.