The global head of Apple Pay has put three of Australia’s big banks on notice that the technology giant’s global payments system will steal their customers and they risk being left behind in the development of digital wallets.
“While initially, in many markets, there have been banks that have initially been wary about working with a company as large as Apple, once they begin to work with us and understand the Apple Pay platform, they see the benefits of it. That hasn’t fully happened with the ACCC applicants, because the conversation is happening through the ACCC process, compared to what normally happens, which is we have the conversation bilaterally.”
So basically stop being little cry babies and just swallow the bitter pill like every other bank is doing around the world.
I completely understand why they don’t want to pay Apple for the privilege of using their system and would instead prefer to keep the profit in their own pockets. That’s how banks and business works.
The thing is Apple is a much, much bigger and more substantial bully than the banks when they’re the ones used to being the biggest baddest bullies in town. They’ll learn the hard way as customers continue to churn to other banks (or credit unions) that do offer it.
Source: Apple Pay boss says CBA, NAB, Westpac risk missing the future of payments