Apple Pay finally launches in Australia this Thursday despite all national banks refusing to align their brands with the new app.
Apple Pay aims to replace the wallet and make everyday purchasing experiences more convenient. While Australian customers will already be well versed in 'paywave' technology, Apple Pay eliminates the need for carrying cards, placing all this power into your Apple iPhone or Apple Watch. 
The goal is simplicity, allowing payments to be made by hovering your Apple device over an EFTPOS terminal and scanning your fingerprint.
There will be no need to open the application or even unlock the phone, as Apple Pay is always running and is activated by a signal from the EFTPOS machine. This is made possible through the near field communication (NFC) technology located at the top of the iPhone 6s, iPhone 6s Plus, iPhone 6, iPhone 6 Plus, and in the Apple Watch. While this NFC antenna is normally placed in the centre of devices, by installing it at the top of the phone it allows for a more natural movement when connecting to EFTPOS terminals.
One of the most practical uses of this new technology is its application within the Apple Watch. By connecting your Apple Watch to your card using Apple Pay, you are able to make transactions without a wallet or phone.
Although security will be a concern for those unfamiliar with the product, by removing steps from the purchasing process there are less security risks. While making a transaction there is no longer the chance for the merchant (or onlooker) to see your PIN, card number or even name. The screen simply displays a card with the bank name and last 4 digits of the card number.

 It also must be noted that neither Apple nor the individual devices store the card information or purchase history. Instead, each device connected to a card will create a unique number that is linked to that card's account.

 Customer experience and personal security are thoroughly catered for with Apple Pay.
So what's the catch?
The new product hits the Australian market with American Express as its only key banking partner. All national banks have refused to connect with Apple Pay due to their push for a portion of transaction fee profits.
Apple Pay has been available in the US for over a year and has been a resounding success, with almost one thousand banks paired with the app. Its launch has been so successful in replacing the wallet that store loyalty and discount cards are now being introduced as an additional feature.
However the Australian launch will not have the same impact when it is launched on Thursday. Without the freedom to connect to any bank, the Apple Pay loses its practicality within the Australian market. The universal appeal of such convenient technology is lost in Australia whilst Apple continues its dispute with our banks. Until then, this brilliant innovation is reduced to a handy app for the niche demographic of Australians that are both American Express customers and owners of the latest Apple devices.