Apple Pay: Apple’s secret weapon for emerging economies

“Emboldened by huge success in China, Apple is moving to make an impact on other emerging economies worldwide, with India seemingly next in line. The company has a secret weapon as it broadens its appeal in these markets – and that weapon is Apple Pay,” Jonny Evans writes for Computerworld. “This is what we know so far: Apple is working to introduce person-to-person payments to Apple Pay, according to The Wall Street Journal.”

“The one billion people worldwide earning less than $1.25 a day are too poor for bank accounts, but would benefit from access to financial services. Access to innovative new financial services could unlock a cycle of poverty in communities, and payment services like Apple Pay (and extensions to that service Apple must be planning) will assist in this. It should be possible for a person without a bank account to pay someone else with no account using Apple Pay just by adding the transaction to their PAYG bill,” Evans writes. “Unlocking local economies by offering services like these isn’t just good karma, it’s also good business – doing so will boost Apple’s market share in those economies as they become unlocked, underpinning other efforts to build presence in these emerging markets.”

Evans writes, “(PS: End-to-end encryption is essential to support fintech innovation and any government that doesn’t understand this is bad for business and needs to be replaced.)”

Read more in the full article here.

MacDailyNews Take: This is the sot of stuff that can really change the world!

It also provides a nice additional reason for Apple’s privacy/security push via strong encryption, policies, and other means – especially if they use Messages as the means to exchange payments.

SEE ALSO:
Apple is making a grab for Venmo’s P2P payments turf and might use iMessage to do it – November 13, 2015
Apple discussing mobile person-to-person payment service with major U.S. banks – November 11, 2015>

3 Comments

  1. “The one billion people worldwide earning less than $1.25 a day”

    Wow! I didn’t realize that so many musicians who can’t perform live have their music on streaming services! =8-0

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