Industry sources have told Banking Day that the next most likely smartphone wallet for the Australian market is likely to be a tie-up between a hardware manufacturer and a payments system that is not Amex.And while announcement of the deal is said to be 'imminent', it almost certainly won't be another deal from Apple Pay, as the US company is still said to be demanding a fee that works for it in North America, but would leave very little on the table for any potential payments system partners and acquirers.This is because, as far as the Australian banks, along with Visa and MasterCard, are concerned, the interchange fee limitations mandated by the Reserve Bank of Australia would not leave enough margin on the table to make the deal work for them once Apple took its cut.In contrast, Amex is not subject to the RBA's interchange fee cap, plus it is able to negotiate fat enough merchant fees to be able to give away the margin demanded by Apple Pay without feeling too much pain.This may have played nicely into Samsung's hands, as its corporate Samsung Pay strategy is based around selling more handsets, using the payment system as a free 'nice-to-have feature', rather than an income stream in its own right. As for trying to guess which payments system might be involved - if not one or both of the two majors - readers might recall that PayPal has recently signed up to the Eftpos system.