FYI: It was 2013 and the talk of Silicon Valley was about the “mobile wallet” and how Apple and other tech giants were about to muscle into the financial industry’s turf with digital payments.
“I think it’s just getting started,” Tim Cook, the Apple CEO, told analysts at the time, leaving Wall Street thinking of a major disruption.
But when Apple Pay arrived 18 months later, there was no sign of a revolution. Rather than start from scratch, Apple decided to partner with Visa (ticker: V), Mastercard (MA), and American Express (AXP). The new payment feature built into iPhones was just one more way to make payments at cash registers and websites via the existing payment networks. Disruption gave way to incremental change.
Regards,
Ted
https://www.barrons.com/articles/visa-mastercard-paypal-digital-payments-51558670403?mod=past_editions
