Is Apple Pay Good News For Payments Processors?

There is a school of thought that Apple Pay will end up delivering a huge boost to major card brands, who have been struggling for years to get consumers to seriously try contactless payments.

“Apple Pay will likely be a strong long-term growth catalyst for Visa, MasterCard and American Express,” wrote Zacks.com. “Going forward, this secured operational model and investment in technology upgrade is expected to boost investors’ confidence in these card giants as well. Over time, such endeavors could prove to make mobile wallets an integrated one-stop approach, thereby driving transaction volumes and revenues for these credit card processors.”

Apple has also allied with six largest global banks that issue cards, namely Bank of America , Citigroup Inc. , JP Morgan Chase & Co. among others.