“Apple’s recent announcement of the new Apple Card service, at first blush, may seem like just another added feature—now Apple Pay can have a line of credit,” Porten writes. “But it’s possible that this will impact the credit industry almost as profoundly as how Blockbuster Video was changed when Netflix started sending DVDs in red envelopes.”
“In fact, scratch the surface, and there’s quite a lot that’s stunning about these Apple Card policies. What appears to be a few user-friendly features could have massive ramifications,” Porten writes. “Just as the iPhone blew away every mobile phone with a keyboard, I believe that the Apple Card could mark a similar turning point for consumer finance. First for what customers expect from their financial service providers, second for government action driven by those changes, and finally for the corporations themselves. The more people who use Apple Card, the faster these changes could occur.”
Much more in the full article – highly recommended – here.
MacDailyNews Take: Yup.
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