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Sorry for my rather brief thought. Here it is explained: Napster changed the music industry forever and caused the music industry to (at least to some extent)

by tomlin 16y ago

Sorry for my rather brief thought. Here it is explained: Napster changed the music industry forever and caused the music industry to (at least to some extent) change. My thought is that proximity payments + API for banking system (ie: PayPal or Google equivalent) would shake things up for the banking industry. In other words, if you could completely bypass the big banks - while they struggle to implement 10 year old payment system technology, not to mention high service fees - you'd end up with a system that is more convenient and manageable. My point wasn't the file sharing aspect of Napster. It was about how Napster changed an industry.

jarek 16y ago
I'm not sure what you are suggesting can change. You cannot completely bypass the big banks with just proximity payments. That's where the money is. Apple can help you move your money, from your bank account, to a merchant, into their bank account, but that's just Paypal level of functionality, nothing new. Proximity non-card payments will change the situation for the debit/credit card operators, and possibly to a degree for Paypal-like services. Big banks are here to stay, and if they change something, it'll sooner be reasonably priced wire transfers to cut out the Paypal/cheque alternatives from hell.
- tomlin 16y ago
  You're thinking of a complete overall, whereas I am thinking a gradual disposition. To some extent, the card is where the control is. PayPal knows this, which is why they came out with a debit and credit card. If a proximity payment service emerged that could interact with the API inside a device, it is a matter of time before a "simple, affordable microtransaction" service/app comes about. From there, exponential growth due to the order of convenience and simplicity. Banks, meet your "Napster", as it were. Imagine mint.com came out with a proximity payment system for all devices and used the existing mint.com system as your "Bank Account" overview. Simply amazing!

by tomlin 16y ago

jarek 16y ago

I'm not sure what you are suggesting can change. You cannot completely bypass the big banks with just proximity payments. That's where the money is. Apple can help you move your money, from your bank account, to a merchant, into their bank account, but that's just Paypal level of functionality, nothing new. Proximity non-card payments will change the situation for the debit/credit card operators, and possibly to a degree for Paypal-like services. Big banks are here to stay, and if they change something, it'll sooner be reasonably priced wire transfers to cut out the Paypal/cheque alternatives from hell.

tomlin 16y ago
You're thinking of a complete overall, whereas I am thinking a gradual disposition. To some extent, the card is where the control is. PayPal knows this, which is why they came out with a debit and credit card. If a proximity payment service emerged that could interact with the API inside a device, it is a matter of time before a "simple, affordable microtransaction" service/app comes about. From there, exponential growth due to the order of convenience and simplicity. Banks, meet your "Napster", as it were. Imagine mint.com came out with a proximity payment system for all devices and used the existing mint.com system as your "Bank Account" overview. Simply amazing!