Apple

The group of Australian banks that want to collectively bargain with Apple over terms of its Apple Pay app have sharpened their focus to an area the technology giant is likely to defend fiercely.

People are warming up to mobile payment apps like Apple Pay and Samsung Pay, but concerns over fraud and ID theft could still pose headwinds.

The technology giant reported record earnings and a solid performance for its mobile payment app, but did not dive deep into adoption numbers.

The EMV migration includes support for chip cards and NFC contactless payments, giving banks room to compete in the contactless payments market just in time for wearables to take off.

Chatbots, virtual assistants and the like may mean fewer direct interactions between banks and consumers, fintech leaders say. But branches will become self-service destinations.

Samsung Pay users had the advantage over Apple Pay and Android Pay when it launched last year with a technology enabling mobile payments through virtually any merchant terminal—contactless or not—but that advantage quickly diminished.

The collaboration gives Apple Pay an entry into the freelance payment market, an industry that's growing fast but underserved.

Apple Pay users will have the option to make payments with gift and loyalty cards through an arrangement with Blackhawk Network's digital stored value system.

While there are a handful of payment pilots underway, the real benefit of blockchain for banks is a long-term proposition--and most early projects will be internal.

Apple Inc. scored a victory in the global battle to control the future of mobile payment technology after the Australian competition regulator refused to grant a group of local banks permission to negotiate collectively over the introduction of Apple Pay.