Banks Did It Apple's Way in Payments by Mobile

Banks Did It Apple's Way in Payments by Mobile

The eagerness of banks and card companies to work with Apple on its mobile payment system suggests Apple's clout and the concern financial players have for their future.

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***** Moderator's Note *****

Here's a quote from the article, which I nominate for "Understatement Of The Year":

For the banks and credit card networks, Apple Pay could threaten some revenue streams, as the technology giant looks to assume a more central role in the financial universe. But the eager participation of banks and card companies suggests both Apple's clout, and the recognition among financial institutions that they face broader challenges from upstart technology ventures, many of which are not as eager or willing as Apple to work with the incumbent financial industry.

... or maybe for the "Rip Van Winkle Allegory of the Century", I'm not sure.

Intuit, which almost merged with Microsoft back in 1994 and was forced to abandon the deal, was nonetheless the first harbinger of doom for any old-world adherents to the traditional non-electronic banking model.

Now, the old-world bankers are pushing back again: the "Incumbent financial industry" is deathly afraid that electronic transaction houses such as PayPal will obtain the holy grail of being allowed to (gasp!) issue checking accounts, and thus bypass them entirely.

Does anyone else think "Bitcoin" when they read this?

Bill Horne Moderator

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Monty Solomon
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