This is interesting. It seems like EML is on the list of Apple...

This is interesting. It seems like EML is on the list of Apple Pay partners and issuers, but I'm not sure whether or not they are the preferred payment processor, one of the preferred payment processors, or not one of the payment processors at all.

Here's a list: https://support.apple.com/en-au/HT206638

This is great in that it grows the pie - but it's also concerning in that it's not hard to see a world in which a handful of global giants own the whole payment space. For example it would be easy for Apple to say to retailers "hey 20% of your customers are paying with Apple pay, use our processing platform and we'll cut you a deal on transaction fees". In that world Apple wouldn't even need to leverage banks, MC/VISA, etc because the money never even leaves the Apple ecosystem. The ACCC might come back in 20 years and give them a $250 fine for abuse of market power but it's too late then.