If I read your post correctly, you feel that Apple is the freeloader? I suppose as 'a shareholder', you have no concerns about security and never had one of your credit cards compromised? In the real world, consumers have and it is not fun to be a victim of identity theft in which your cc played a part. No matter. Consumers will pressure your bank to add Apple pay and the banks will increase their profit by offering merchants and customers better security. Stop being so unnecessarily negative.
Of course Apple is attempting to freeload. They have put up not one cent of the billions Australian banks have invested to have one of the world's most advanced banking infrastructures.
I have absolutely no concerns about card security in Australia. You must be confusing the place with the US. Chip and Pin cards are universal in Australia and have been for years. Likewise, NFC terminals, cards and payments have been in place for years. Chip and Pin is very secure. Card fraud in Australia amounts to 0.0536%of the total value of transactions. With Apple wanting 0.15% of transaction value as a fee, they are a far worse potential profit impediment than fraud, so even if Apple Pay eliminated 100% of fraud, it would still be 3 times more expensive than fraud is.
I think Australian banks should accommodate customers who want to use Apple Pay, by providing it and adding a surcharge equal to whatever amount goes to Apple. I see no reason whatsoever why any of the banks I have shares in should allow their profits, and my dividends, to suffer so Apple can grow richer on the back of the infrastructure the banks have paid for.
Apple is not into banking so what has this Australian banking infrastructure has to do with Apple.
NFC Terminals are prevalent in Australia - you are joking here right?
So you reckon when a customer used Apple Pay with the bank's credit card they get zero income, you are really something, I am still trying to figure out where you are from.
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