“Ryan Craine hates carrying cash and finds writing checks to be a headache,” Steve Lohr reports for The New York Times. “He doesn’t do much of either anymore — he mostly uses his smartphone to pay for things.”
“Mr. Craine, a 28-year-old tech support worker in Washington, D.C., uses Apple Pay at the stores and restaurants that accept it. About 20 times a month, he turns to Venmo, a digital wallet for transferring money from one person to another, to pay his share of rent, meals, groceries and utility bills,” Lohr reports. “To refinance his student loans last year, he went to an online lending start-up, Earnest.”
“Mr. Craine’s money choices point to the millennial-led shift toward new digital financial services, a change in behavior that threatens to upend the consumer banking industry. The popularity of the services has left the major banks rushing to adapt, even as they have regained their footing after the financial crisis,” Lohr reports. “If the banks fail to meet the challenge, Brian Moynihan, the chief executive of Bank of America, warned in November, ‘it may allow part of our industry to be forever taken away from us.'”
Read more in the full article here.
MacDailyNews Take: For the banks, it may already be too late; some of their business is forever lost.
SEE ALSO:
Apple Pay picks up 58 new US card issuers, approaches 1,000 total banks and credit unions – January 5, 2016
Apple wants to let you make payments through Messages, Mail, Phone, and Calendar – December 31, 2015
Pay Finders app for finding Apple Pay locations reports 750% increase in users in two days – December 28, 2015
Why Apple’s revolutionary Apple Pay is going to be absolutely enormous – December 18, 2015
Apple Pay to take on Tencent’s WeChat Wallet and Alipay in China – December 18, 2015
Apple partners with UnionPay to launch Apple Pay in China – December 17, 2015
Why Apple wants to get into the unprofitable world of payments between friends – December 1, 2015
Apple reaches agreement to bring Apple Pay to China, sources say – November 25, 2015
Apples’ revolutionary Apple Pay expands to Canada and Australia – November 17, 2015
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
[Thanks to MacDailyNews Reader “Edward W,” for the heads up.]