Merchants say they want a payments network where they can play on an equal footing. My take: Nonsense. Retailers say they have proven that merchants are best placed to deliver value and influence consumer behavior. My take: Pipe dream.
For Piper Jaffray’s estimates of Apple Pay revenue to be correct, iPhone 6 owners would have to make some significant shifts to their payments behavior. This seems highly unlikely, considering that Apple Pay can’t be the reason driving every iPhone 6 owner to upgrade to the new phone.
Dear Bankers: Quit whining about Apple Pay. Participating in Apple Pay is like advertising. You pay to generate awareness and hopefully influence decision. When you advertise, there’s no guarantee that your efforts will lead to a sale. It’s the same with Apple Pay participation.
You probably think I spend my Saturday nights out at fancy dinner parties, going to the Symphony, or attending high-society social events. I do. It’s good to be me. But this past Saturday night, the two older girls were home for the weekend, which put a crimp in my typical Saturday. So I took the…
What’s happening in banking is that the hierarchy of needs–which to a large extent were satisfied in the old world of retail banking–need to be re-established. With the advent of electronic, mobile, and alternative payments, the security of transactions and the efficient/effective movement of money is being challenged.
The Merchants Payment Coalition claim that debit card reform (i.e., the Durbin Amendment) has helped consumers save almost $18 billion and supported 100,000 new jobs in three years. If you believe that, I have oceanfront property in Kansas you might be interested in buying.
There’s no denying that driving mobile payment volume is important to Apple. But there is another critical success metric for Apple Pay 1.0.