SmartMetric Inc (SMME)

[optimisticbutpatient]

Neither will want to budge

At the present time the banks charge about 1.5% on each transaction that is done through one of their terminals that the merchant leases. The banks at the present time make nothing out of the customers side apart from annual fees and interest should the customer not pay it off.

I imagine that Apple doesn't want to release details of how to make this sort of an app for a couple of reasons.

Firstly their Apple pay is very tightly controlled security wise and having other apps on there developed by the banks may not be as secure. The other side of the security issue is that the more people that can create apps using Apple pay the easier it will be for someone to work out back doors to bypass the security.

Secondly I imagine the banks issue is that Apple are going to want a percentage or each sale that is paid with by Apple pay which is something the banks wont like, hence the desire for their own app to bypass the Apple pay system.

It should be an interesting argument but I don't imagine Apple will give up for our big banks, if they do every other bank in the world will want the same privilege and all of a sudden Apple wont be collecting fees from every transaction.

OBP