Nice analysis Karen.

Apple's primary goal is to sell more iPhones. They will not, if ever, earn significant revenues from payment processing. They may gain some decent revenues from pushing offers, but the revenues will never reach a point where they are selling their Benz phones at Honda prices or giving them away for free. Therefore, Incorporating BLE as a conduit to enable mobile payments does not fit inside of Apple's revenue model. All Apple needs to do now is continue to stoke the fire by adding to their blue-chip merchant base and by partnering with banks that will produce card-linked offers when using ApplePay.