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‘Why Apple Pay Won’t Work’

Matt Krantz, writing for USA Today:

Investors and consumers might think Apple Pay is a game changer for the cash register. But new research shows there’s plenty of reason why Apple’s effort to dominate payments may not be as magical as some believe.

Apple Pay contains a variety of major shortcomings that will likely limit its ability to be the dominant form of payment in the future, according to a UBS note released to clients this week by analyst Steven Milunovich, quoting payments expert Richard Crone at Crone Consulting. The problems with Apple Pay stem from technical shortcomings of the system relative to other alternatives and the large fees Apple plans to charge, which banks will be eager to escape, the report says.

Filed in the pantry for future claim chowder.

Thursday, 9 October 2014