Banks Did It Apple's Way in Payments by Mobile - NYTimes.com

A snapshot from the looming payment ecosystem battle

"Even so, the partnership with Apple is much more attractive than an initiative being led by some of the biggest retailers, known as the Merchant Customer Exchange, that appears to be looking to replace the card networks altogether. That concern was brought to the fore on Thursday when two of the biggest supporters of the Merchant Customer Exchange, Walmart and Best Buy, announced that they would not accept Apple Pay.

And upstart projects like Bitcoin are looking to bypass the current financial system. Earlier this year, JPMorgan’s chief executive, Jamie Dimon, told investors that the companies in Silicon Valley “all want to eat our lunch.”"

Banks Did It Apple's Way in Payments by Mobile - NYTimes.com