“Later this month, you’ll start to notice people buying their coffee or newspaper with their iPhone. Apple Pay, the Californian technology giant’s contactless payment technology, will hit British high streets at some point in the next four weeks,” James Titcomb writes for The Telegraph. “The service is slick. Hold your iPhone up to a retailer’s card terminal, and it will scan your thumbprint, access your card details and make a secure payment, without the need for cash or entering a PIN code.”
“Apple Pay is bound to be a success,” Titcomb writes. “When that happens, one can expect to see a string of pundits lining up to declare that Silicon Valley is treading on the banking world’s toes. Apple has shaken up telecoms and music; Amazon and eBay the high street; Uber transport; and Airbnb the hotel industry.”
Titcomb writes, “Regulation is the major reason that Apple, Google and Facebook are so unlikely to become banks, beyond occasionally dipping their toes in payments and money transfers.”
Read more in the full article here.
MacDailyNews Take: Would you bank with Apple? Depending on what they’d offer – and Apple doesn’t enter industries without being able to offer a unique proposition, so we’d expect something enticing – we likely would.
Why Apple may become a bank within the next five years – June 22, 2015