Banks unite against Apple Pay in Spain

Launched in 2014, Apple Pay has revolutionized the way we make payments, becoming a preferred option for many users who enjoy the convenience of paying with their iPhone or Apple Watch. However, this popularity has raised concerns among banks, which are required to pay Apple a fee for every transaction made with their cards. This has led to growing discontent in the banking sector, which is now uniting in a class-action lawsuit against the Cupertino company.

Why it matters

This conflict between banks and Apple not only affects commercial relationships but could also impact how consumers make payments in the future. The pressure from banks may lead to significant changes in Apple Pay's policies, affecting user experience and the service's competitiveness in the digital payments market.

What we know

The European Union had already demanded that Apple open its NFC standard, allowing banks like Santander and BBVA to create their own digital wallets, in addition to the popular Bizum Pay. The recent decision by a U.S. federal judge to certify a class-action lawsuit allows thousands of banks and credit unions to join together to claim against Apple for the fees, indicating that the conflict could escalate globally.

What remains unclear

It is still unclear how Apple will respond to this class-action lawsuit and what implications it will have for its business model in the payments sphere. The situation is dynamic and could affect both banks and users, who rely on the convenience and security that Apple Pay offers.