Aaron Pressman wrote on Yahoo Finance about Apple Pay siding with the credit card industry over consumer interests.
Apple has regularly delighted its customers with cool products on its way to becoming the most valuable company in the United States. But it hasn’t always stood up for its customers’ best economic interests.
Let’s be clear here. Apple Pay’s decision to side with the credit card industry is against the interests of retailers, not consumers. Consumers get to enjoy the incentives of using a credit card and that draws people to use them. You get to air miles or points that you can redeem for rewards, and some credit card companies give cash rebates.
Part of the reason retailers want to avoid Apple Pay is to gain access to the customer information so they are able to tailor their marketing profile to the customer. By using Apple Pay, customer details remain private during a transaction. How is this considered against consumer interests?