“Apple Pay was never intended to be a five minute route to success, but a major infrastructure roll-out that will (eventually) lead to much greater prizes,” Jonny Evans writes for Apple Must.
“That’s why Barclays CEO, Jes Staley, is already warning that tech companies are coming to eat their lunch,” Evans writes. “In the face of deep opposition from Apple Pay and other tech, ‘All the banks are very focused on the payments space. That may be where the battleground of finance is fought over the next 15 years,’ Staley said.”
“He’s right to be concerned. Apple Pay may only be grabbing small amounts of transactions in some terms, but those small amounts soon grow,” Evans writes. “Apple is also taking steps to create its own tech currency, with Apple Pay Cash. Apple Pay Cash lets you pay people using iMessage.
Read more in the full article here.
MacDailyNews Take: Apple’s playing the long game here. The traditional banks are right to be scared.
SEE ALSO:
New Zealand’s BNZ launching Apple Pay after customer feedback shows demand – October 9, 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