“A growing anxiety for bank executives is how and when big tech companies will encroach on their turf,” John Detrixhe writes for Quartz. “During its quarterly earnings call yesterday, Apple CEO Tim Cook gave some insight into the company’s progress in becoming something of a fintech player: Apple Pay transactions tripled from a year earlier, to more than 1 billion. Cook said that was more than Square and exceeded mobile transactions via PayPal.”

“The worry for finance executives is that payments are just the beginning,” Detrixhe writes. “Alibaba affiliate and fintech giant Ant Financial expanded from payments and into wealth management.”

“According to analysts at research firm Bernstein, the Chinese company now runs a robo-advisory service that uses artificial intelligence based on payment activity to suggest investments,” Detrixhe writes. “‘The core payments service acts as a gateway to a broader use of service,’ the analysts wrote. ‘This is a model other tech companies could follow.'”

Read more in the full article here.

MacDailyNews Take: Juniper Research projects Apple Pay will have 227 million users by 2020, or more than Android Pay and Samsung Pay combined.

Sleep tight, bankers.

SEE ALSO:
Driven by Apple Pay, contactless payment systems to represent 1 in 3 in-store transactions globally by 2020 – Juniper Research – July 30, 2018
eBay to accept Apple Pay – July 24, 2018
Apple debuts ‘Summertime savings with Apple Pay’ with exclusive offers thru August 1st – July 20, 2018
Apple Pay dominates with far more users than Samsung Pay, Google Pay, and other OEM pay systems combined – June 27, 2018
Apple teams with Goldman Sachs on new ‘Apple Pay’ credit card due early next year – May 10, 2018
10% of young adult Americans have used Apple Pay in-store, well ahead of rivals – February 28, 2018
Apple Pay Cash international roll out begins – February 23, 2018
Apple Pay users more than double globally, but only 16% of iPhone users have activated Apple Pay – February 22, 2018
Apple Pay now accepted in 50 percent of U.S. stores and is the world’s most accepted contactless payment system – January 31, 2018
watchOS 4.2 delivers Apple Pay Cash to Apple Watch – December 5, 2017
Apple Pay now in 20 countries, takes 90% of all contactless payments where active – October 24, 2017
Apple Pay is proliferating, and the banks are scared – October 18, 2017
Apple Pay likely to get boost from Visa and Mastercard mandating contactless payment terminals – August 21, 2017
Apple Pay usage estimated to rise sharply in United States due to frustration with slow Chip-and-PIN cards – August 21, 2017