Apple Pay is just the beginning and Americans are ready for more

A new Harris Poll reveals that nearly two-thirds of Americans (and over 80% of those aged 18-34) would consider purchasing or applying for financial products from a tech company — think: Apple Pay, Apple Card, etc. — instead of a traditional financial services provider.

Apple Pay share: strong growth for Apple Pay
Apple Pay is easy and works with the Apple devices you use every day.
Jonny Evans for Apple Must:

81% of Americans ages 18 to 34 would consider purchasing or applying for a financial product from a tech company instead of a bank/credit union (64% among general population).

58% would allow tech companies such as Apple, Amazon, Facebook and Google to use their spending data (that figure leaps to 75% for those ages 18 to 34).
• 36 percent would allow spending data to be used to prevent fraud
• 32 percent would allow spending data to be used to offer discounts
• 27 percent would allow spending data to be used to make managing their money faster/easier.

The bottom line has to be that tech firms are in the cat bird seat to cherry pick the profitable businesses of existing banking providers… But a company like Apple could easily put its brand around traditional banking services. I mean, it already has with Apple Pay and Apple Card. Apple Health Insurance and Apple Fit seem viable next steps.

MacDailyNews Take: There are tons more interesting stats in Evans’ full report, including how much Americans trust tech companies with their data – or not.

Again, as Apple Card builds upon Apple Pay, and (finally really) incentivizes its use with Apple Card Daily Cash, Apple Wallet, and Apple Pay Cash, Apple has laid the foundation for an Apple Debit Card and, if they desire, Apple Bank (although aversion to heavy regulation may have the good ship Apple steering clear of that iceberg).

Regardless, secure, trusted Apple Pay / Apple Card / Apple Pay Cash / etc. are all more reasons to join and stay within the Apple ecosystem which grows richer in breadth and depth with each new service offering.


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