Apple Pay is available in 13 countries all over the world. On the web, more than 2 million businesses accept it. Within the next year, more than 58% of the US retailers will be able to accept Apple Pay. Its transaction volume increased 500%. Even the vending machines (more than 300,000) in the US accepts its payments.

Apple truly believes Apple Pay will expand banking industry’s digital transformation. The company’s true aim is becoming more and more visible as it is going through a period of legal processes with some of the Australian local banks.

Apple discusses that Apple Pay based structural inputs in the system of banking can help the customers. In the court files, the company points out that Apple Pay provides an alternative to the card payment systems. Also, it will intensify the competition which will force the companies to offer better rates to the customers. And finally the lender companies will have to offer better promotion based deals, for instance, cash back advantages and air miles. Apple adds that they saw how Apple Pay heated the competition in the US and UK sectors.

The banks in Australia are arguing that they desire to pay lower fees for Apple Pay and want to establish their own applications which will be based on Apple’s secured payment system. They have seemed to be on the losing side so far. Australian government wants the banks to try to get better conditions for the consumers and Apple can help to provide that.

There are two main issues that Apple needs to overcome. One is pushing back from the vested interests. Secondly, in order to change the views of people and elevate the use of the app, there is a need to increase the payment terminals which support Apple Pay.

The second issue is handled. Companies such as Square are promoting Apple Pay. However, the other issue is harder to handle. Some of the retail companies are having a hard time yielding their payment control to Apple. Also, others, such as the banks in Australia, are fighting to gain the control over themselves.

It is foreseen that, there will be many new applications with mobile payment solutions but it will not be working out. The confused consumers will likely to bound loyalty to only a few of them and the others will have no choice but to combine their powers.

Having the leading app will provide Apple with opportunities because the company already have a well-established system in a well-defined market with consumers who already know and are loyal to the company.