NFC TIMES Exclusive Insight – With Switzerland’s No. 2 bank, Credit Suisse, expected to participate in Apple Pay, the U.S.-based tech giant continues to chip away at resistance among major European banks to joining its digital payments service.
Unlike most major banks in North America and Asia where Apple has launched its payments service, many of Europe’s big banks had balked at joining Apple Pay. That is beginning to change, although these large banks–like their counterparts in North America and Asia–continue to worry that Apple will overpower their brands and eventually steal their payments business. Banks everywhere also dislike the transaction and marketing fees Apple requires them to pay to be part of Apple Pay.
Major banks, especially in Europe, have tried instead to roll out their own wallet apps or have united with other large banks to launch domestic payments services.
