You can also just use the physical card; there are plenty of choices. Consumers want to use Apple Pay specifically though because Apple created a really compelling experience for the end user.

It’s also worth pointing out that with Apple Pay, banks are forced to compete against each other for every transaction. Every card is treated exactly the same as every other card from every other bank, and they all get the same (best) user experience. Banks would prefer if their app were the default for NFC, making it more difficult to mix your use of cards from different banks.

Locking down NFC for payments is in many ways, paradoxically, pro-competition.