It would be good to look at the bigger picture.
I would like to see Apple's system thrive, because it is more secure than the current system (not a big hurdle), and because it will forever prevent the wireless carriers' ability to profit from or have any control over our transactions.
Apple's timing to introduce it's Apple Pay system is perfect. Our point-of-sale payment system is terribly insecure, as we have seen from the breaches of the Target, Home Depot and Kmart systems. There is no way that our ID and credit/debit card information can be maintained securely in these large, interconnected data systems.
The real advantages of the Apple Pay system are the security features, Apple's scale and marketing clout, and its reputation.
The security is accomplished by the creation of tokenized payment information packets that are transmitted through the system, instead of the customer's ID and credit/debit card info. You need 2 factors to authenticate the payment - something you have (the device) and either something you know (PIN #) or something that is specific to you (fingerprint).
Getting consumers and merchants to adopt this is important. Other systems have failed. Google, to its credit, tried to do this with it's Google Wallet system. This failed to gain widespread adoption for a number of reasons, among which are the lack of hardware standardization and Google's inability to counter the wireless carrier's egregious tactics. It has been widely reported that Verizon, using its near-monopoly status (and presumably the other carriers), effectively blocked the NFC portion of the Google Wallet system, for self-serving reasons - it wanted to promote its own competing system. Verizon was a partner with a few banks in the unfortunately-named ISIS system, later rebranded as "Softcard" after the name ISIS became toxic. It was doomed to failure, requiring a costly and bulky hardware add-on to smartphones, and adding costs to the payment system. Why on earth would Verizon feel justified to milk fees for customers' purchases? Where is the value added? Plus, who would trust Verizon with his bank or credit card account information? I would not let Verizon, with its sordid anti-customer reputation, anywhere near my bank or credit card information.
Enter Apple. Apple is wisely partnering with established banks, and it has the market clout to thwart Verizon's (and the other carriers') tactics. Apple can simply tell the carriers that it will jolly well put an NFC-based payment system in its iPhones. Period. Verizon told Google, "No, you can't put NFC capability in your phones if you want them on our system." Verizon can't do that to Apple, and Apple has tight control over its hardware and software. Apple has done this type of thing before. An example is the lack of carrier bloatware on its phones -- Apple simply would not allow Verizon's (or ATT's, or Sprint's) bloatware. Another example - Apple's iMessage feature has almost completely eliminated the carriers' ability to make outrageous charges for SMS text messages. Just the thought of this makes me livid - why should the carriers have control over features that the hardware manufacturers place in the phones?
Go, Apple. I'm going to use the system and will encourage merchants to adopt it. My bank's credit card (USAA) will join this system on Nov 8th, and I'm happy to wait.