Well you called it correctly Karen when you suggested that Apple would be involved in the infrastructure of payments as opposed to trying to become a new player in the ecosystem. This may cause many retailers and mobile payments participants to re-think their EMV strategy as the majority, including Square and Paypal, were leaning to single mode EMV. For years analysts have been saying that the silver lining for mobile wallets was the ability to include offers and rewards and that that promise would move consumer behavior away from the physical wallet. Apple seems to be going backwards in that regard. Without collecting any transactional data nor passing any of the consumer info to the merchant it seems that those services will not be possible.