Comment by martin_drapeau

I don't think Apple will become a bank. They could however replace VISA and Mastercard in the long term, and grab the 2% to 5% of payment fee over each transaction. Vertical integration to its best. To get there, merchants need to support Apple Pay, and Apple needs to continue selling phones. In the near future, there will be more Apple Pay enabled devices in circulation than VISAs and Mastercards. When the scale tips, credit cards will be doomed.