Claim Chowder: ‘Why Apple Pay Won’t Work’

From a report by Matt Krantz for USA Today in October 2014:

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.

Seven years later and the EC is objecting to Apple Pay’s dominance, so I think it’s time to cash this claim chowder in.

Here’s another one of excellent vintage — Matthew Mombrea, writing for IT World, “Why CurrentC Will Beat Out Apple Pay in the End”:

What it boils down to is the fact that one technology is designed for the users (Apple) and the other is designed for the merchants (CurrentC). Normally I’d say that the product with the most user appeal will win but the power and size behind the CurrentC group is too big to ignore.

Good call.

Tuesday, 3 May 2022