Sam Maule, Managing Partner – North America at 11:FS says: “Apple’s chief motivation for the Apple Card offering, in partnership with Goldman Sachs, is creating a deeper customer relationship centered around the Apple ecosystem.
“And the Apple ecosystem is centered around hardware, specifically the iPhone. The concept for Apple is straightforward. The more transactional activity it can lock into the Apple ecosystem, the more loyal the Apple consumer is to the brand. And we all know how loyal Apple fans are to the brand.”
Suresh Vaghjiani, CEO & Co-Founder of Tribe Payments, has a stronger view and claims that Google is often seen as a “poor copycat – coming to the market with me-too offerings. Google Pay shortly after Apple Pay and now Google Checking after Apple, Amazon and Facebook have made major plays.”
Adam Gibson, Executive Director, Skymind Global Ventures adds that “Apple’s business model allows it to focus on prioritizing user privacy over selling ad targeting” and “Google gives away its software and collect data from it – so banking is just another scheme to collect data from its users,” Alex Batlin, CEO, Trustology agrees and says that “Apple has made a big play to sell products and services whereas Google has made its play in monetising data.”
MacDailyNews Take: Because smart people realize that there’s no such thing a a free lunch and, if it’s “free” from Google, your personal data is really the cost.