It can very well be that Apple is or will design a more secure system than most back. They are after all good at security and one of the largest technology comp

It can very well be that Apple is or will design a more secure system than most back. They are after all good at security and one of the largest technology company. But the question here is that there are generic hardware in iPhone that can be used by anybody to make contactless payment good/bad. Apple is not giving them the access not just because of security but to reduce competition. If you don't trust your bank but apple the bank is not forcing you to use their app so that point doesn't really apply. What if Intel/AMD or any processor company was saying the the encoding hardware of their device was only accessible to their own app and not to other application in your device since others wouldn't know how to use it properly?