See my other posts on the subject. I'll digest them for you: In my view it is okay for a company to legally make it harder on their competition in areas that are core to their business.
But what these companies are doing is removing a service that was previously offered to their customers, only to stifle Apple Pay, which is an area that is not core to their business. And you have to ask why. What is their end game? It's pretty obvious to me that they see us, the customer as a resource for their own financial gains that I didn't sign up for. (snip)
Can we use Google Wallet over NFC in the iPhone? No, Apple is not likely to allow a competing NFC wallet.
Can we use PayPal in the Apple Pay wallet? No, Apple changed their mind, reportedly out of spite over PayPal doing a Samsung fingerprint sensor app.
By blocking other payment methods themselves, especially while taking a percentage of each Apple Pay transaction, Apple has removed any chance of having some kind of moral high ground about payment choices or "non core" business.
Apple is pushing Apple Pay for reasons similar to why the merchants are pushing their own payment system. They see us as a resource for their own financial gain.
--
Cold business logic aside, I agree that it's not nice to take away something some people already had. I think MCX will fail, and we'll end up back with NFC, just unfortunately delayed.
Apple Pay will do much better in countries where a lot more people are used to contactless payments already. So right now I'm more interested in finding out if Apple Pay works at things like Oyster card readers, where payment speed can really count (versus a pharmacy counter, where it's not that big a deal, especially compared to now).
I thought we were late with this in my country, but it finally seems that we're at a point where you can go everywhere and never need to swipe and sign again. I didn't realise that the US didn't already have this.
The schedule for the worldside rollout of EMV was decided by the EMVCo credit card companies.
They scheduled the US as last, partly because the US already had online authorization of every single transaction. And partly because of the enormous cost of terminal and card replacement.
There are 15 million POS terminals in the US, compared to about 10 million in
all of the
Asia-Pacific region.
The US cost to convert to EMV (terminals and card replacements) is estimated to be almost $9 billion.