Originally Posted by rob53
This would be fine with me. Does this transaction charge include the credit card companies' charge as well? Probably not. I wish Apple would bypass the credit card companies and act as the bank as well. This might be more difficult for Apple to get approval for but there are already too many middlemen in the purchase operation. I'd rather pay using my iPhone, through iTunes or whatever Apple would use, then direct transfer money from my bank to Apple getting rid of the multiple layers that add more to everyone's product cost.
There is the card issuer, the underlying bank account, and the payment card processor (retailer->PCP -> Card Issuer -> Holders bank account)
Apple can be all 4 of those... and my reckoning is aiming for at least 3.
$153Billion can spin up a few nice banks someplace where banking laws align well to Apple's clientele.
Or they could buy a couple banks (US, China) and get past the regulatory hurdles of creating one and then become a card issuer. The next thing then is just creating an Apple Credit (and/or Debit) Card that can be put into your ewallet. The key thing is getting the interest rates on all those purchases (10-15% is a good ROI for that cash in the bank).
Given Apple's volume via ITMS... I'm sure they are hooked up tightly to a very good payment processor, and are getting really good rates (well less than 3%) per transaction, to the point it's likely a wash for apple to buy/create one of it's own.
So in the end... you get eWallet loaded up with a Apple Card (works everywhere) or just your 'AppleAccount' in ITMS (works with all retailers hooked to Apple's payment system), which can have any credit/debit card attached (avoiding anti-competitive issues), and then have that Apple Card fronted by an Apple Bank, which can provided credit card as well as debit cards , and loan servicing (hey... That Mac Pro... only $100 a month... click here to open up a 36 month loan).