Saving the consumer the time it takes to put down his or her iPhone to pull out a credit card is Apple Pay’s only advantage. Expensive for retailers, Apple Pay,

Saving the consumer the time it takes to put down his or her iPhone to pull out a credit card is Apple Pay’s only advantage. Expensive for retailers, Apple Pay, like credit cards, offers little more than customer convenience. Apple Pay, like Uber, is a good product with a great user experience, but unlike Uber, Apple Pay is not disruptive. Apple Pay won’t reduce costs or improve efficiency in the credit card payments industry, which taxes merchants 2% to 5% of top-line revenues to pay transaction fees. Merchants’ acceptance of Apple Pay is for their consumers’ convenience, no different than accepting cash, checks, and credit cards.