Apple + bank/credit card provider gives us a faster, more secure payment method than using a credit card. The End.Apple uses our info for selling iAds, plus gets paid by banks to continue to allow our full purchase info to get through to them (unlike Google Wallet, which acted as a proxy), and what services do they give us free in return?
I want my bank to have my purchase info. The banks use it for fraud detection.
But I don't want the banks to have all my personal photos, my email, my location information, etc. Likewise, I don't want my email provider to have all my banking info.
If you are willing to give one company all of your personal information, you are asking for trouble.