Apple Pay costs force Banks to consider in-house mobile wallets

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Whilst still not entirely relevant to Europe, the cost of supporting Apple Pay is forcing some banks to operate their own mobile wallets.

Consultant Richard Crone says Apple Pay is associated with both tangible and soft costs.

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Some banks also object to the one-sided agreement that Apple made banks sign, while others realize Apple Pay raised expectations for their own mobile wallet apps.

“Banks need to think about the digital wallet as not just a wallet, but an extension of a digital strategy,” says Prairie Cloudware’s Doug Parr.

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