The Apple / Goldman partnership is venturing further into FinTech expanding its role and blurring the lines between a simple credit card and traditional banking.
AppleCash has already begun to blur the line between FinTech and traditional checking accounts -- essentially who needs a checking account if you can pay with AppleCash?
This installment feature is blurring the line between FinTech and traditional installment loans -- who needs an installment loan if one is available right from your phone or card?
Apple and Goldman are stepping into a whole new world of banking and finance. They may have an ultimate plan and goal. But I suspect they will be taking it one step at a time and then evaluating and deciding what the next step will be.
Here in the U.S. we are conditioned to a highly structured retail banking systems with rigid boundaries. But that is an isolated and restricted view: In undeveloped countries the banking systems are nearly non-existent and/or inaccessible to the masses -- and a new system is needed and welcomed. In developing countries both the people and entrepreneurs are anxious to open up new, modern, customer friendly methods of delivering the services currently delivered by traditional banking.
I am very happy to see Apple on the cusp of that trend. Nice Job Tim!
I look forward to the day that I can put away my wallet and all the cash and cards in it -- including ID & medical cards -- and just carry my phone.
... I am glad Apple is building that paradigm because I would not trust anybody else to do it.
I just wish Apple Cash and the Apple Card were available in Canada! I’d love to get the best of 2020 on it.
A report from Reuters says that financial regulators around the world are becoming increasingly concerned that Big Tech could overwhelm the banksters with their enormous wealth, access to technology, as well as with their access to customer data. An exerpt:
"As Facebook’s plan for its Libra “stablecoin” faces scrutiny, a
global body of regulators from the world’s main financial centers said
that Big Tech’s growing tentacles raised questions for financial
stability, competition and data privacy.
The Financial Stability
Board (FSB) called in a report released on Sunday for “vigilant
monitoring” of Big Tech’s shift into financial services, which it said
could crimp the ability of banks to generate capital through retained
profits.
While still only “nascent” in most countries, Big Tech
in countries like China has brought financial services within reach of
underserved communities, the FSB, which is chaired by Federal Reserve
Governor Randal Quarles, said in the report."
Global financial watchdogs take aim at Big Tech's data dominance
While I don't tend to be overly sympathetic to the banksters, a well regulated banking system is essential to the financial growth and stability of a country. To open it up to the Wild, Wild, West of tech companies and entrepreneurs could lead to long term problems.
The Apple / Goldman partnership is venturing further into FinTech expanding its role and blurring the lines between a simple credit card and traditional banking.
AppleCash has already begun to blur the line between FinTech and traditional checking accounts -- essentially who needs a checking account if you can pay with AppleCash?
This installment feature is blurring the line between FinTech and traditional installment loans -- who needs an installment loan if one is available right from your phone or card?
Apple and Goldman are stepping into a whole new world of banking and finance. They may have an ultimate plan and goal. But I suspect they will be taking it one step at a time and then evaluating and deciding what the next step will be.
Here in the U.S. we are conditioned to a highly structured retail banking systems with rigid boundaries. But that is an isolated and restricted view: In undeveloped countries the banking systems are nearly non-existent and/or inaccessible to the masses -- and a new system is needed and welcomed. In developing countries both the people and entrepreneurs are anxious to open up new, modern, customer friendly methods of delivering the services currently delivered by traditional banking.
I am very happy to see Apple on the cusp of that trend. Nice Job Tim!
I look forward to the day that I can put away my wallet and all the cash and cards in it -- including ID & medical cards -- and just carry my phone.
... I am glad Apple is building that paradigm because I would not trust anybody else to do it.
I have yet to have one single person ask about or pay me with Apple Cash. Venmo and PayPal all the time. Sometimes the Cash app from Square. Never once Apple Cash. Even when most of the people I know use an iPhone.
The Apple / Goldman partnership is venturing further into FinTech expanding its role and blurring the lines between a simple credit card and traditional banking.
AppleCash has already begun to blur the line between FinTech and traditional checking accounts -- essentially who needs a checking account if you can pay with AppleCash?
This installment feature is blurring the line between FinTech and traditional installment loans -- who needs an installment loan if one is available right from your phone or card?
Apple and Goldman are stepping into a whole new world of banking and finance. They may have an ultimate plan and goal. But I suspect they will be taking it one step at a time and then evaluating and deciding what the next step will be.
Here in the U.S. we are conditioned to a highly structured retail banking systems with rigid boundaries. But that is an isolated and restricted view: In undeveloped countries the banking systems are nearly non-existent and/or inaccessible to the masses -- and a new system is needed and welcomed. In developing countries both the people and entrepreneurs are anxious to open up new, modern, customer friendly methods of delivering the services currently delivered by traditional banking.
I am very happy to see Apple on the cusp of that trend. Nice Job Tim!
I look forward to the day that I can put away my wallet and all the cash and cards in it -- including ID & medical cards -- and just carry my phone.
... I am glad Apple is building that paradigm because I would not trust anybody else to do it.
I have yet to have one single person ask about or pay me with Apple Cash. Venmo and PayPal all the time. Sometimes the Cash app from Square. Never once Apple Cash. Even when most of the people I know use an iPhone.
It seems that Apple is not leading the way, but following the pack. But, I'm glad that they are part of the pack. While the U.S. lags, elsewhere, where traditional banking systems aren't so entrenched, it promises to be the future.
The Apple / Goldman partnership is venturing further into FinTech expanding its role and blurring the lines between a simple credit card and traditional banking.
AppleCash has already begun to blur the line between FinTech and traditional checking accounts -- essentially who needs a checking account if you can pay with AppleCash?
This installment feature is blurring the line between FinTech and traditional installment loans -- who needs an installment loan if one is available right from your phone or card?
Apple and Goldman are stepping into a whole new world of banking and finance. They may have an ultimate plan and goal. But I suspect they will be taking it one step at a time and then evaluating and deciding what the next step will be.
Here in the U.S. we are conditioned to a highly structured retail banking systems with rigid boundaries. But that is an isolated and restricted view: In undeveloped countries the banking systems are nearly non-existent and/or inaccessible to the masses -- and a new system is needed and welcomed. In developing countries both the people and entrepreneurs are anxious to open up new, modern, customer friendly methods of delivering the services currently delivered by traditional banking.
I am very happy to see Apple on the cusp of that trend. Nice Job Tim!
I look forward to the day that I can put away my wallet and all the cash and cards in it -- including ID & medical cards -- and just carry my phone.
... I am glad Apple is building that paradigm because I would not trust anybody else to do it.
Agree, but I look forward to the day that I can put away my wallet and all the cash and cards in it and just wear my Apple Watch.
Comments
A report from Reuters says that financial regulators around the world are becoming increasingly concerned that Big Tech could overwhelm the banksters with their enormous wealth, access to technology, as well as with their access to customer data. An exerpt:
"As Facebook’s plan for its Libra “stablecoin” faces scrutiny, a global body of regulators from the world’s main financial centers said that Big Tech’s growing tentacles raised questions for financial stability, competition and data privacy.
The Financial Stability Board (FSB) called in a report released on Sunday for “vigilant monitoring” of Big Tech’s shift into financial services, which it said could crimp the ability of banks to generate capital through retained profits.
While still only “nascent” in most countries, Big Tech in countries like China has brought financial services within reach of underserved communities, the FSB, which is chaired by Federal Reserve Governor Randal Quarles, said in the report."
Global financial watchdogs take aim at Big Tech's data dominance
It seems that Apple is not leading the way, but following the pack. But, I'm glad that they are part of the pack. While the U.S. lags, elsewhere, where traditional banking systems aren't so entrenched, it promises to be the future.