apple pay chief says apple not out to disrupt credit card industry

Apple VP Jennifer Bailey, the in charge of Apple Pay, details the genesis of the mobile payments solution and details its ongoing success in new interview...   Speaking with Fortune Adam Lashinsky at Brainstorm Reinvent conference Chicago on Tuesday, Apple did not seek to disrupt the industry with Apple Pay.   we thought, there are lot of payments out there that our customers already love and trust, ..   Apple finds huge success in the role of disruptor, and the company's typical approach was not good fit when it came to the entrenched payments market.   The company will next week roll out ID cards for Duke University, University of Oklahoma, and University of Alabama in solution that combines payments with NFC-based building access.   Students with iPhone and Apple Watch devices will be able to provision their ID cards Wallet to enter dorms, pay for laundry and perform other campus functions..   Both Starwood Hotels and Hilton Worldwide rolled out iPhone and Apple Watch-compatible hotel key cards in 2014, not NFC..   Bailey took today's interview saying the payments system should be supported by 60 percent of U.S retail locations by the end of the year.   Of those, Tokyo, Beijing, and Shanghai integrate closed loop technology, while London and Moscow rely on open loop technology, said.   Finally, that while Apple makes money off Apple Pay transactions, the new features coming to Wallet are designed to keep users loyal to Apple platforms...   Read more