Why do you think a banks NFC payment app might not be secure? If ios is a platform then another NFC app could be as secure. Regardless, users should be given a choice. You can continue using Apple Wallet app, some other users might prefer other apps.
How do they plan to monetize it? How many people will pay for Search? Will they have an ad-supported version? If so how would their direction be any different when they face the same problems?
I noticed this narrative in their press release. They don't really mention Spotifys share just on iOS. If it's less than 56%, clearly something's up, right?
Not effective implies you believe users would have chosen other browsers when offered a choice. The fact that they chose their preferred browser, regardless of the reason for their preference, shows that it was effective.
I'd say you should compare the models for your use case. Which is better depends on how much you're willing to pay, what kind of problems you need help with, speed, ease of use.