I found the following in the news today :

Banks have nothing to fear from Apple Pay

Max Speur, CEO of revenue management and business assurance group SunTec, explains to IT Pro Portal why he believes banks have nothing to fear from Apple Pay, which is launching in the UK on July 14th. Mr Speur these services from Google, Facebook and Apple do not have the same consumer trust that UK banks have built up, and it will take a few years before they are regularly accepted by both consumers and retailers. However, he says that banks do need to start moving to digital systems to appease new customers who want to use banking applications on mobile.

I seem to remember the same kind of statements from executives in the music industry, the film industry, the watch industry, the mobile phone industry (remember Nokia) as Apple disrupted their business models.

If I was a bank I would be nervous and follow Apple Pay with great attention.