Apple says opening its Pay app to banks would 'fundamentally diminish' security
Found on CNet News on Wednesday, 10 August 2016
It turns out Apple doesn't take well to banks teaming up to get their own products on the iPhone.
Apple responded to the banks' request last week with a strongly worded letter that came to light on Tuesday, explaining that letting the banks have their way would "fundamentally diminish the high level of security Apple aims to have on our devices."
If you cannot give someone full access to a device that is generally available to public for security reason then the security model is flawed by design. It's the backend that has to take care of the incoming data and filter out the bad from the good requests.