Ruimin Yang has written a wonderfully detailed and thoughtful post, “Apple Pay monopoly, are we really comparing ‘Apples’ with ‘Apples?“, that outlines the entire Apple Pay system architecture, how it compares to other digital wallet platforms, (Google Pay, Samsung Pay) and what ‘open vs closed’ means in whole ‘Apple Pay is a monopoly’ debate. Worth your time if you have any interest in digital payments. It’s the kind of piece I wish I had the discipline and chops to write.
The short take: this is European business politics in the age of digital wallet wars. Mobile payments and digital wallets have disrupted everything and traditional players, banks and card companies i.e. the real gatekeepers, are doing everything they can to keep the upper hand and force their own branding on Apple’s platform. In the European tradition, regulation is invariably the preferred method for keeping the status quo.