NFC Times Exclusive Insight – Apple’s announcement of its expansion of Apple Pay to five more markets, including Australia and Canada this year, with only one major issuer– American Express–underscores the problems the tech giant is having in signing up banks for the overseas expansion of its mobile-payments service.
Apple has been actively seeking to recruit banks in the five new markets, which also include Spain, Hong Kong and Singapore, among others. But it was only able to announce a deal with American Express. While banks in the five markets probably will climb onboard with Apple Pay eventually, for now, major banks in general have been rebuffing Apple’s overtures.
They are put off mainly by Apple’s business model for Apple Pay–taking a cut of transaction fees.