As reported in the Sydney Morning Herald on Sat 21/10/23, payments on smartphones especially Iphones, accounted for more than a third of all card transactions in the June Quarter, according to the Reserve Bank Of Australia.
This process (payments using phones) is not favoured by the banks as this encroachment into the payment space has provided Apple with a small and growing income stream.
Most importantly for Apple, they have forged a closer relationship with their customers, which may lead to the opportunity to sell other products such as savings accounts for example.
Digital Wallets became popular during the Covid 19 Pandemic and are dominated by Apple and Google.
Consumers prefer the digial wallet option as it is convenient and more secure than using a card to make payments.
Google does not charge fees for its wallet but Apple does.
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