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To those who still don't get it...

It's been a while since I blogged here at Finextra (for many reasons)... Today is a special occasion. The day Apple (and I) said "FU!" (You'll understand the context better if you glance through my December 2013 post.)

To those who doubted Apple will do NFC. And those who refused to listen about the consequences of Apple doing so...

To all those who doubted wearables will make it (VERY!) big. And will be useful and "everyday" practical (March 2013 - Apple is still missing some interesting functions I talked about...). And cool (different case materials and straps - genius!). 

To those who measured things by Google i.e. those who forgot that companies like Apple make money by designing beautiful things we need, like and want, not by peddling our private data or stuffing ads down our throat. That's why Google et al couldn't make mobile payments work - their business model was flawed (BTW, pay attention to my comment re VeriFone in that December 2013 post as Apple forgot to mention that iPhone/iPad will soon become your payment terminal...)

To PayPal, Visa and MasterCard who kept insisting they own "one-touch e-commerce" (to become "card present" soon, just as I said back in December 2013) and refused to hear the alarm bell... 

To those who funded Clinkles of this world; to MCX; to SoftCard (formerly known as ISIS) - who failed to understand, time and time again, what mobile payments are about...

To mobile operators - who... Argh, forget about it...

The message was loud and clear - if you keep thinking just about your bottom (line), you'll get nothing but crap. Instead, think about "insanely great" - design, user experience, business model. And keep your eyes and ears open - even Apple "borrowed" tons of stuff from "third parties" (have a look at Jumio's card scan, for example).

There was one word missing in today's Tim Cook's presentation. Transit. There are many companies out there who still don't get it (but should...) And those who forget that not everyone will have iPhone 6... See you here in a year.


Comments: (1)

A Finextra member
A Finextra member 10 September, 2014, 06:53Be the first to give this comment the thumbs up 0 likes

If card networks give preferential treatment to Apple as to how "virtual" cards are treated, online and in physical retail (especially from the rates point of view), there will be blood (aka lawsuits)... G, PayPal, MCX, ex-ISIS will not be happy about that slap on the face.

If card networks link rates to secure element and tokenization, then two questions arise: (1) what is the future of much-hyped HCE (considering relatively low cost of SE), and (2) will my iPhone needs to be present when I pay with my Apple watch as the latter does not have Touch ID for now...

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This post is from a series of posts in the group:

Innovation in Financial Services

A discussion of trends in innovation management within financial institutions, and the key processes, technology and cultural shifts driving innovation.

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