Apple Pay launches in Australia; mobile payment service is now in four countries
According to a report issued by the Australian Financial Report, Apple might have a difficult time getting other banks to come on board. That's because these financial institutions are not thrilled with the idea of giving Apple its small cut of each transaction paid for with Apple Pay. At least Apple was able to get AMEX to sign off in Australia. In China, a country that has become an important market for Apple, none of the banks will agree to give the tech titan a percentage of each sale.
One disadvantage to only having support from American Express is that it is accepted by a smaller number of retailers than VISA. Apple Pay might have to prove itself before other Australian banks and credit card companies feel that it is worth it to give Apple its small percentage in exchange for Apple Pay support.