Another fledgling industry rescued by Apple?

I posted my thoughts as a customer, Apple Pay recently. But what about Apple's partners, the biggest banks and financial institutions, what role did they play in this service? A recent New York Times article sheds more light on this. This article also talks about how this project was kickstarted by Apple as early as Jan 2013 and how everything was kept under extreme wraps till the announcement a few days back. We expected nothing less from Apple in terms of secrecy anyway! Now what about the banks involved in this with Apple? There have been news going around saying Apple was able to negotiate lower transaction costs for this collaboration and again knowing Apple, this only makes sense. But similar to what happened to the Music and the Entertainment industry, Apple's partnership/intervention will only lead to a better situation for everyone involved eventually, in my opinion. The banks were in dire need of some modern day technology advancements and who other than Apple can deliver something this big in such a massive scale... 

For the banks and credit card networks, Apple Pay could threaten some revenue streams, as the technology giant looks to assume a more central role in the financial universe. But the eager participation of banks and card companies suggests both Apple’s clout, and the recognition among financial institutions that they face broader challenges from upstart technology ventures, many of which are not as eager or willing as Apple to work with the incumbent financial industry.
— The New York Times
Apple Pay (Source: Apple.com)

Apple Pay (Source: Apple.com)