One former telecoms executive, who has since moved into banking, recently told me he had thought his prior industry was heavy on rules, but got a nasty shock on moving to financial services. 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 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 .