Why Apple may become a bank within the next five years

“I first speculated that Apple might one day become a bank almost a year before the launch of Apple Pay,” Ben Lovejoy writes for 9to5Mac. “What triggered that thought was the use of Touch ID for iTunes purchases and the depth of security involved in the secure enclave used by Apple’s fingerprint system. It was clear even then that Apple had big ambitions in the mobile payment field.”

“Now that Apple Pay has launched, and already proven a big success, I think the argument for Apple to make the move are even stronger,” Lovejoy writes. “So here are seven reasons I think Apple may become a bank within the next five years.”

1. People hate existing banks
2. People love Apple
3. Apple is winning mobile payments
4. Apple has the right technology
5. Apple also knows how to do UI
6. Apple has the financial resources
7. Younger consumers are ready & waiting

Each of the seven points above discussed in detail in the full article – recommendedhere.

MacDailyNews Take: All we need to dump our current bank is an Apple Bank done right!

19 Comments

  1. Apple must first successfully establish Apple Pay with all major credit cards….once usage becomes common….An acquisition of a credit card company or the creation of a unique Apple Card would be logical….Visa and MC or AMEX could at that point not withdraw their card without challenging “restraint of trade” considerations.

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