The Economist recently discussed. To demonstrate the success of UPI, the mentioned that panhanders now routinely present an UPI barcode instead of a pan. I doubt that Apple Cash will have the same success.
If apple makes it fee-free and paperwork free even for small businesses, and they make an android compatible app, then it will be successful and will take over from banks and MasterCard/visa.
Otherwise it'll remain a tiny proportion of the overall payments industry.
Otherwise it'll remain a tiny proportion of the overall payments industry.