Sure Apple has 800M cards on file but Visa and MC have a couple of billion! An ITunes wallet has little value at retail when research has shown time and time again that consumers are quite happy tapping or swiping their card and see no little in a wallet. Even if Apple was successful in promoting their wallet, what about the 30% take rate? Apple has shown very little interest in reducing their fees and taking on the risk in POS transactions. In general the argument seems to be that since Apple has the capability and should have the interest in jumping into payments then it is obvious that they will at some point. That argument has been made for 5 years now and they are no further ahead.