ApplePay will be a positive step forward towards the use of mobile devices as payment devices no matter how you slice it. That said, Apple has simply created an NFC wallet which stores bank issued cards. This means the benefits to the consumer for ApplePay transactions is currently limited to security, novelty, and convenience. The future of innovation in payments will expand into changing and enhancing the actual experience a customer has when they pay, shop or transact.

Banks should be thinking more about what happens when a card is used, and why a consumer will continue to use their card rather than which wallet is the card stored in.

Right now, banks don't care if my wallet is green, purple, leather, vinyl or stainless steel. Banks are focused on selling me their card based on what they know I want out of a credit card provider.

Innovation should focus around what changes when a a bank can communicate back to their customers in real time. Or when a bank can know where a customer is because the device is able to share the consumers location prior to the transaction even occurring. Communication and rewards to customers will ultimately be the biggest driver of user transition to mobile payments.