Speculative, but Apple and Goldman are the only ones who can do this because Apple's user base is not fragmented like Android device OEMs. I'd watch this story

Speculative, but Apple and Goldman are the only ones who can do this because Apple's user base is not fragmented like Android device OEMs. I'd watch this story. By not having an existing card relationship, Goldman is the only one large and flexible enough to stand up new infrastructure that doesn't rely on supporting or integrating to legacy EMV protocols and infrastructure, which could allow for a closed loop between GS and Apple. Even without a closed loop, Apple has a SE in their devices they can provision unique keys to during manufacture and this mitigates the main limitation of EMV tokenization, which was how to provision and manage tokens for offline payments mode, and who holds the risk/gets compensated for it. With a closed loop, they don't need tokens, just a ledger, for which solutions exist. Who loses? G&D, Oburthur, Mastercard, etc. I'd be surprised if this didn't happen.