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Can Apple Disrupt the Global Banking Industry?
The company has changed music forever and had a big impact on publishing—and now it's taking aim at a growing segment of the financial sector.
Oct 27, 2014—
When you are a giant—especially a giant with a reputation for changing entire industries—your mere footsteps can effect change. On Sept. 9, Apple announced Apple Pay, a Near Field Communication mobile payment solution that takes advantage of fingerprint technology in new iPhones. Within three weeks, eBay announced it would spin off its PayPal unit. PayPal is the leader in online payments and is pushing into mobile payments. But for months, eBay had been rebuffing investor Carl Icahn's demand that it spin off PayPal. PayPal has also begun to talk about embracing NFC for payments.
Square, a startup that provides a peripheral device and application that lets anyone process credit cards on an iPhone, announced it planned to allow merchants to accept Apple Pay transactions. But two major U.S. store chains—Wal-Mart and Best Buy—announced that they would not support Apple Pay. The two are backing CurrentC, an NFC-based mobile payment solution being developed by a network of retail store chains called Merchant Current Exchange (MCX).
Apple has also had an impact on the way books are purchased, though its influence has not been as great as that of Amazon, which first disrupted the publishing industry with online book sales. But is it a given that Apple will transform the way people pay for goods? Hardly. There are numerous hurdles Apple will need to overcome before Apple Pay is widely embraced.
1. Europe and Asia are already embracing mobile payments.
2. Retailers want to control their own network.
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