DaveFlash There are pros and cons for the Dutch banks to Apple Pay.
The pros would be better service which could improve customer satisfaction. As Apple Pay is more secure them a PIN & chip card, it would reduce costs of skimming fraud as well.
The cons mostly consist of the cut Apple wants for every transaction, which is about 0,15% as I understand. Banks now take a much larger cut (2%?), which means they have to share their earnings with another party.
For mayor banks like ABN and ING this would mean they have to bill all of their clients a few more cents per month to compensate, but then they can offer it for free. Well, that is just bad news for clients, so they're reluctant.
They could opt for an individual monthly fee like ABN does (50 cents for Fitbit Pay as I understand), but would customers want to pay for a service (paying) they now can get for free?
Bunq solves this by their model of charging a higher fee per month, but it includes almost everything. For comparison: my two ABN-accounts, one debt card and one credit card cost me around €3,40 per month. Half the price, half the service.
ABN cs. are keen to develop their own tap&pay- variations for two main reasons:
First they hope their implementation goes viral and becomes the industry standard. ABN succeeded in this with Tikkie, which has become immense popular and is almost equal to an industry standard.
The second main incentive is greed. Banks take a cut of any transaction now and (as stated before) won't want to share this with any other party. By developing their own standard, they have full control over it and can set the price of the system. This is where the paradox begins.
They want a standard of their own, which they want other banks want to implement too, but they know that other banks won't want to share their profits with other parties too. So any system the individual banks come up with, is deemed to fail.
But Apple Pay or Google Pay? Hell no, they want money, our money...
