Apple The Biggest Threat To Visa And MasterCard - Apple Inc. (NASDAQ:AAPL) | Seeking Alpha: "The e-payments market has three vectors: in-store payments, online or in-app payments, and peer-to-peer transactions. Ultimately Apple's goal is to transact payments directly between customers and merchants and between two users of Apple Pay in order to cut the middleman fee and increase net revenue from the Apple Pay business. The first step toward complete independence would be to convince banks around the world to partner with Apple and bypass the large credit card companies. Apple and the banks could generate more cash from such a model than the current credit card model. However, banks have a lot to lose in such a move. Banks would be glad to work directly with the e-payment service. However, they need to keep their relationship with the major credit card companies intact. Moreover, this move could transfer traditional activities, like cash or check transactions, from traditional banks to e-payment services. To succeed, Apple challenges the financial industry on three fronts."
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