Apple has teamed up with Banco Santander and American Express to introduce their popular payment app, just in time for the holidays.
But not everyone is happy. Other banks will be under pressure to join the service, for which Apple charges a hefty setup fee, and then 15 basis points per transaction, which will have to come from merchants' processing fees.
That is why Apple Pay is not available everywhere in Europe. The European Central Bank (ECB) is pushing for lower interchange fees to boost electronic payments, and banks can't pay Apple without losing money.