2023 Author: Gordon Kinson | [email protected]. Last modified: 2023-11-26 08:36
What is the fate of Apple Pay ? Will “Designed by Apple in California” mobile payments be a successful product, or will it be a niche solution for iPhone 6/6 Plus and Apple Watch buyers, or will it fail altogether, as the Google Wallet promised so much ? The authoritative edition BusinessInsider is confident that Pay can do what Google's "wallet" could not.
Apple Pay, unveiled last week, looks very reliable thanks to a combination of biometric authentication (Touch ID), NFC and GPS location data. Much more reliable than iCloud (which is not the case with Apple's "clouds" ), and incredibly more reliable than the usual credit card today. Reliability is something that banks and their customers love. Credit card issuers have already offered Apple a decent discount for what Pay does the impossible: payments without the customer's physical presence are de facto turned into payments with their presence.
Strictly speaking, the technology behind Apple Pay is nothing new. PayPal, Square, Stripe, Google Wallet already had something similar. Apple's innovation is not about technology. It consists in agreements with card issuers (i.e. banks) - they give Cupertinos a small part of their income from card servicing (this is 0.15%).
Banks give money. H'm. Indeed, it sounds a little strange - but Apple is no stranger to it. Everyone knows the story of iTunes and Steve Jobs, who forced the record companies to share income. Banks are much more formidable opponents. They have incredible lobbying resources and can easily negotiate with each other in the face of a threat. But Tim Cook managed to convince them to share. Unlike Google.
Sergey Brin & Co decided to take the market "in a snap". Google itself decided to become an issuer - any credit card in Wallet could be turned into a Google credit card. This has an advantage - unlike Apple, you can use any card in Google Wallet.
Google always remains Google - the company "sees" the user's transactions (Apple, at least not yet). So in "Google" they learn more about their user - and, of course, "can offer him more." Sounds good, but today this behavior is not in favor of ordinary web users. Finally, privacy concerns are nothing compared to Google positioning itself as just another bank. In other words, as a competitor to existing banks and credit card issuers.
But Apple managed to get into the market. Now it's up to the Cupertinians themselves. They have “knocked out” excellent conditions for themselves and present themselves only as an intermediary, without pretending (yet?) To be a competitor. Experience and knowledge allow Tim Cook & Co to look to the future with confidence. As technology law professor James Grimmelmann notes, "Apple has a long history of pushing companies out of the market that think they are keeping everyone in their fists."
See also:
- Apple has received very favorable conditions for servicing its payment service.
- Apple Pay will bring creators at least $ 6.5 billion a month.
- The work of the Apple Pay payment system is demonstrated in the video.
- Tim Cook: Apple is working on products that the media doesn't know about.
- The 12.9-inch iPad Pro - Tim Cook's Biggest Innovation in the Tablet Market?
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