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Don't you need credit cards to use apple pay?
by TheLogothete 11y ago
Don't you need credit cards to use apple pay?
- dyladan 11y agoSure, now. In 5 years who knows? I could definitely see AAPL partnering with visa/mastercard/amex or even directly with banks for direct account access on a program that doesn't require a physical card. Plastic cards will become the new cash (right now cash-only businesses are a little behind the times but they still exist) and phone payments will become the new plastic.
- TheLogothete 11y agoPartnering? Sure! I think this will be the way forward, but the GP says Apple is out to get VISA and MC (as companies) and will leapfrog them with one clean swoop. This will most definitely not happen.
- The_Magistrate 11y agoCurrently, yes. The article is positing that once Apple has the infrastructure in place for end-to-end transactions, removing the VISA/MC puzzle piece will be easy. Ultimately, you'd put money into an Apple account and spent it on your iPhone.
- TheLogothete 11y agoI don't think you are very familiar with how the payments industry works. Credit cards offer much more than a means to pay. Apple will need to double their headcount to compete with Visa. Or do you think that this is a feasible scenario?
- martin_drapeau 11y agoI don't think so. The payment industry is over complicated and in my mind a real commodity. Apple is in a good position to simplify that.