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CBA plugs 500,000 customers into Apple Pay in just two weeks

In an article on itnews, they state that "Stampede boosts mobile banking users by 50 percent.
The Commonwealth Bank of Australia’s backflip on its longstanding Apple Pay boycott has paid off in spades, with more than half a million people flocking to the new payment service just two weeks after it was made publicly available to customers." And "The bottom line is CBA is prepared to sacrifice its transaction fee pipeline for customer satisfaction and loyalty."

Originally, CBA was one of the banks in a consortium that tried to get Apple to let them have access to the fundamental security (NFC). The ACCC ruled that their case was unjustified and it was basically a ploy which would have allowed banks to process transactions from within their own apps and thereby undermining the security. It would also have given banks access to data that they could have used for marketing or to sell on to others.

Read the article at
itnews

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