Commentary: Banks Take Note: Apple is not Your Friend

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Daniel Döderlein says:

“Banks take heed: Apple Pay is not your friend. The already have the consumer in their grip and the moment PSD2 regulation enables Apple to have direct accounts access, there will be no stopping them. They will not need any bank partnerships built on friendliness and will essentially be in a position to kill card business… Read: banks are out of the loop.

As Alipay starts to increasingly prove that foreign mobile payment schemes can enter with ease, banks are left with only one option: get a proprietary scheme out the door ASAP, before Alipay has the upper hand with retailers or Apple Pay has grabbed all your customers.“

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