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Apple's Jennifer Bailey Says Customers Are Willing to Switch Banks to Use Apple Pay
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While I certainly see this differently, you pose an interesting scenario. What, precisely, do you envision? How exactly would a payment system save money for consumers?
Well I do only shop at Trader Joes and Walgreens now. Other side effect. I often forget my wallet. Have to ask Siri for locations that support Apple Pay. 
Amen to that! We've already got electronic insurance cards (at least for car insurance) so now all we need is an electronic drivers license and this could become a reality!
Apple Pay vice president Jennifer Bailey believes that Apple Pay is valuable enough that "customers will say they are happy to switch banks to use it."
Bailey claims Australians are using Apple Pay more frequently than customers in any other countries, which she said "is in large part due to Australia being a recognized global leader in contactless payments and usage."
That's good news for ING Direct and Macquarie, which have announced they will enable support for Apple Pay in Australia by the end of February. Both banks are listed as "coming soon" on the Apple Pay website in Australia, alongside ANZ, Bank Australia, Beyond Bank, P&N Bank, and over 30 other smaller banks.
Bailey's comments, made in an interview with the Australian Financial Review, appear to be directed towards three of Australia's "Big Four" banks that refuse to accept Apple Pay, namely Commonwealth Bank, NAB, and Westpac. The fourth bank, ANZ, has supported Apple Pay since April 2016.
The trio of banks, along with Bendigo and Adelaide Bank, instead turned to the Australian Competition and Consumer Commission (ACCC) in an attempt to gain access to the NFC hardware in the iPhone. The banks want access to the NFC chip so they can offer their own existing bank-run mobile payments services.The ACCC denied rejected the application from the banks in November as part of a draft ruling, and its final decision will be announced in March.
Last year, Apple told the ACCC that "allowing the banks to form a cartel to collectively dictate terms to new business models and services would set a troubling precedent and delay the introduction of new, potentially disruptive technologies."Earlier this week, the banks said they are fighting to provide "real choice" and "real competition" for consumers.Despite the ACCC negotiations and apparent ill-will, Bailey said Apple still wants "to work with the banks in Australia to bring Apple Pay to our customers, in a way that advantages many of the things they are offering through their banking apps, which we have done already in other markets."
"That's why the announcement about these new banks is important and we are continually on that path - because as more banks get on the platform, I think there is more of an industry understanding about how Apple Pay really compliments their services," she added, referring to ING Direct and Macquarie.
Commonwealth Bank, NAB, Westpac, and Bendigo and Adelaide Bank reportedly serve two-thirds of Australian cardholders.
Article Link: Apple's Jennifer Bailey Says Customers Are Willing to Switch Banks to Use Apple Pay
Opened up a new account with ANZ when Apple Pay first went live. It's great and starting to move accounts to ANZ from NAB.
I switched banks recently and one of many reasons was that the new bank accepted Apple Pay. It wasn't the only reason though, fees, and mobile app experience also weighed heavily on this decision.
I'm also one of those that have Apple Pay setup, but I haven't ever used it. Apple needs to make it more compelling to use. If they do, they could make some real revenue off of it. Until then, I don't mind at all taking out my credit card.
Starting to? lol
I'm a pretty forthright fanboy and even I am getting tired of some of the stuff they are trying to take over at the expense of what got them here.
Reminds me of this video I watched last night.
Also kinda makes me want to buy a Apple IIgs.
For starters it could be something that was ACH-backed instead of CC-backed. That would keep the CC transaction fees down for all of the merchants, which *could* result in lower costs for customers, if the merchant is so generous to pass the savings on.
I always feel bad for all of the small food shopkeepers who have to pay that CC transaction fee every time the customer ahead of me uses their card for a $7 meal.
Aah, Christopher Walken, Natalie's heartthrob.....On an unrelated note, I like your use of the Walken comma!
[doublepost=1486757796][/doublepost]Yea, that's because AP is amazing!
These banks want to maintain complete control over their customers.
Oh, the irony!
Oh, the irony!
Arrogant? Speaking facts is not arrogance. At least three people I know switched banks for Apple Pay; I was one of them.
I will give you an alias for arrogance. The Commonwealth Bank.
Ok, I'll just say it... that is incredibly stupid. If the bank is serving your financial needs well, why would you switch to another bank just so you can use some mobile payment system. If it's there, great. If not, just swipe the card and move on. Don't be pretensions douche bag. Before you all fly off the wheel, let's make it clear that this is just my opinion.
By the way... a little rant here. When you write something it is always your opinion, unless you are stating facts or opinions of others, in which case you should cite them. It is redundant to say that something is your opinion only to then offer us said opinion. An opinion is self evident from the way it's written. Yes, I am now myself being a pretentious (and very preachy) douche bag. That happens to be a fact.
By the way... a little rant here. When you write something it is always your opinion, unless you are stating facts or opinions of others, in which case you should cite them. It is redundant to say that something is your opinion only to then offer us said opinion. An opinion is self evident from the way it's written. Yes, I am now myself being a pretentious (and very preachy) douche bag. That happens to be a fact.
No me, I'll pay a premium to not have to deal with the Walmart crowd. Or a little extra to use Apple Pay.
You're right and wrong.
You're right and wrong too.
This is what she should have said: "... some customers will say they are happy to switch banks to use it."
Sort of a Schrodinger. If TroyBoy30 opens the box, Jennifer's wrong. If bbeagle opens the box, Jennifer's right. If 69Mustang opens the box there will be a zombie cat. {mind blown} <-- it's funny if think about Schrodinger... the physicist, not the cartoon pianist.
This isn't a Schrodinger problem, what she said "Some customers will say they are happy to switch banks to use it." is a true statement if at least 2 customers say that, and more then that have. So the statement is true, regardless of who "opens the box"
You clearly want to blame Apple for your not understanding that some people want certain features and will switch to get them. This has nothing to do with Apple. But your hatred for Apple prevents you from using common sense and logic. How sad.
Couldn't agree more. The banks talk a lot of crap about bringing their functionality to the iPhone/watch, yet, if you've ever seen how their payment apps work on Android, you'd cut your arms off. Their process is an absolute dogs breakfast, yet they want us to trust them instead of ApplePay? Seriously, it's all about using your spending data to sell to merchants so they can target marketing to you, nothing more. People may call Apple greedy, at least they give you something for your money, unlike the banks who look at ways just to gouge you at every turn.