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Steve Jobs has taken away his vision and innovation with him. Tim's Apple is a follower, using the mass created by Steve. All the technologies that came with Apple Pay, Apple Watch and iPhone6 (thank God they didn't rename it as Apple Phone) are late adopted technologies. NFC, wallet and tokenization are all things that we already use in some way. Therefore nobody was shocked when Apple 'unveiled' the so called surprise.

Those, who take the launch of iTunes as a model, miss the fact about the status of the music industry in those days, suffering from illegal downloads. They were about to die. The industry was desparately seeking a way out.  It is not the same for the payments industry. There are so many channels and players in the payments field, which they must compete with. On the other hand Apple Pay's success relies too much on vital external factors, like banks and card issuers accepting to join and merchants accepting to change their POS.

It is clear that Apple will lower the fees for payments, that is how Apple works. But the technology is too expensive. This is like buying a hydrogen car to save fuel. Yes it is consuming less $/miles, but you have to pay a lot more to buy the car itself. 

Using PIN validation is something that cardholders do not see as a problem at all, where in contrary the card providers insist that it is a huge problem, which has to be solved in any way. I have not crossed a customer complaint about the time they spend for a PIN validation at the payment point. PIN validation is some security that the customer can see. If you apply 10 times more security than now, but the customer doesn't see it, the customer will not feel more secure. It is good to SHOW them that you do something for their security, and the customer is a part of this.