Apple Pay will not provide the spark that will drive technology giants to disrupt the traditional banking sector , according to analysts . Rather , reports suggest that banks ' profits may even suffer due to the impact of increased use of mobile payments , as businesses such as Apple Pay charge only a tiny percentage of a transaction fee , while the merchant 's bank will take the bulk of the total payment .
Apple Pay will not provide the spark that will cause technology giants to disrupt the traditional banking sector, according to reports. Rather, reports suggest that banks' profits may even grow due to the impact of increased use of mobile payments, as businesses such as Apple Pay will only a tiny percentage of a transaction fee, while the merchant's bank will take the bulk of the transaction payment.