Why Apple Pay may not fly in Australia

"Apple Pay and a host of online payments players are steadily taking customers and profit from the banks, Bain & Co’s payments gurus say - but Australia’s lenders are still in a good position to fend them off. On Tuesday, Britain became the second market outside the US where Apple switched on its mobile payment option on its new iPhone and Apple Watch. As in the US, Apple negotiated a cut of the fees that banks are paid by merchants for accepting Visa and MasterCard, albeit a lesser amount." Read more

Shaun Drummond, Business Review Weekly, 17 Jul 2015