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According to another survey conducted by PYMTS.com/InfoScout (http://thefinanser.co.uk/fsclub/2015/03/does-anyone-really-need-a-mobile-wallet.html), the #1 reason why people who had used Apple Pay once but didn't repeat it was "they just forgot it was an option"! 

To me this reinforces the key challenge faced by Apple Pay and all non-plastic form factors of payments: Lack of compelling reason to use them. What’s interesting in this finding is, even after they received a compelling reason to try it once, consumers didn't find a strong enough motivation to adopt it on an ongoing basis. That’s a huge consumer behavior challenge. Maybe it'll resolve itself over time or maybe it won't. Who knows!

Kudos for a very balanced post. I find it laughable that neobanks think that "they will be able to short circuit banking processes" by "providing better reporting" like how that $3.99 coffee will bust my monthly expense budget! 

I don't get how Apple Pay et al have made it easier for people to pay for services but even taking that statement at face value, by doing so they have actually contributed to higher card usage by consumers and, therefore, greater interchange revenues for banks. To me, that sounds like the perfect partnership and not "challenging the status quo".

Much as I use gamification in various areas myself, the notion that a Millennial remains unbanked because banks didn't gamify the banking experience for them is laughable since Millennials are digital natives and are able to access information on their own from social media, mobile, Google, etc. According to me, for reasons given in my earlier blog posts Are Banks Losing Customers Or Shedding Customers? and Calling B.S On Banking The Unbanked, people are unbanked because they can't / won't bear the fees charged by banks (e.g. USA) or don't have enough money (e.g. India).

For every study that claims that GenY is unique, there's another study that says that they're not very different from how Boomers and GenX were when they were at the current age of GenY and, per contra, that GenY won't be very different from Boomers and GenX in a couple of decades when they'd reach the current age of Boomers and GenX. So, banks will be fine in a couple of decades even if they're choosy about GenY now. In any case, do you think Millennials have borrowed US$ 2T in student loans from SnapCash / Apple Pay / Prosper?

Apple Puts Banks Squarely At The Center Of Mobile Payments, it can only be used by people who already have a credit / debit card - and are banked - and uses existing banking rails. I totally fail to understand how Apple Pay is "challenging the status quo and tapping" into unbanked population.

Not sure how an example of EON from the energy industry is relevant when a little research would've surfaced many lighthouse implementations of gamification within the banking industry viz. ICICI iWish and Payback.

For reasons highlighted in Are Banks Losing Customers Or Shedding Customers?, I won't be surprised if 33 or an even a higher % banks think they don't need a Millennial customer. 

Going by this one True Negative and countless cases of False Positives, there might be several instances when PayPal's filter wasn't "working properly"!

"DNS Bank is the first cooperative bank in India to implement Oracle FLEXCUBE, replacing the bank's existing legacy system." I never thought any coop bank in India had a legacy system - unless Excel has now gained this distinction!

I agree that the next generation of money will select a bank based on its online services. Just that they'll almost certainly be ones like ATM Locator, Branch Driving Directions and Mobile RDC.  

Why Americans Are Going Back to the Mega Banks That Burned Them

Plastic hasn't gone away from credit and debit cards. Now plastic comes to cash. Presumably to make it more durable, signaling that it's going to be around for a long time. So much for the impact of mobile wallets in replacing plastic and driving cashless behavior.

@LaurenceL: TY for your reply. When Apple Pay had put Banks Squarely At The Center Of Mobile Payments, I'd thought the move heralded the beginnings of the required cultural change - from both Apple and banks. However, when I'm seeing each side trying to blame the other in the recent Apple Pay Fraud, I'm beginning to wonder if I was over optimistic. To play a little loose with Bill Gates's famous quote, we overestimate the extent of cultural change in, hmmm, 10 or should it be 100 years and underestimate the extent of cultural change in, hmmm, 100 years or should it be 1000 years?

Good move with a clear benefit. Hope Alibaba's investee company in India, PayTM, follows suit. Although I'd be happier if the mobile wallet offered at least the 4-6% bank account interest that I forego by moving my money from my bank account to the PayTM wallet.