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Should banks consider their own payments apps?

There are now more than 4,000 issuers who work within the Apple Pay Wallet and, as TechCrunch mentions, Apple Pay is now at more than 50 percent of all retail locations in the U.S., including 67 of the top 100 US retailers. The ability to compete in such an environment is hard for all but the largest of institutions to be able to remotely have a chance to support. The fact that Apple Pay and Android Pay rely on the phone's built-in NFC hardware also means there are no issues surrounding acceptance to worry about. If a merchant is equipped to take a contactless payment, it should be able to accept a mobile payment using these wallets.

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