Page 8 - GS190401
P. 8
ReadersSpeak
Apple's strategy for superior value chain control with a slicker user interface. iMessage enables semi-
social payments, similar to Venmo (we see Venmo as
ichard Crone and Heidi Liebenguth, CEO and essentially a public ledger recording informal loans
managing partner at Crone Consulting LLC, and repayments between friends and associates).
respectively, shared the following insights 3. Customized credit: you set the terms and can change
R with us when Apple rolled out the Apple Card them any time; you control speed of debt repayment
on March 25: and ultimate interest paid.
"Apple Card is disruptive: It is to banking what the iPod 4. Rich cash rewards – richer for Apple Pay usage,
was to the music industry, what the iPhone was to wireless lesser for the EMV-only card.
carriers, iPads were to the laptop industry, or what Uber 5. Transparent pricing and no fees.
is to Taxis. This is a seminal moment in consumer credit 6. Ultimate responsiveness through text and response.
history. Every financial institution is forced to compete and The iPhone screen shows spending, along with trends
collaborate with Apple. Apple Pay is the first responder and categorization, and enables you to manage all
rendering consumer relief with: features on your phone.
1. Instant issuance, mobile account origination. You
can apply in the privacy of your own phone. "Goldman Sachs is providing credit, just as Discover
2. Three accounts in one: not just credit, but debit and provides the prepaid account behind Apple Pay Cash.
prepaid with P2P and ATM cash access, too. When Apple is exerting branding control and providing a superior
consumers open an Apple Card credit account, Apple user interface for a responsive customer experience."
also activates Apple Pay Cash and pays the Apple Insights welcome
Card reward daily. That stimulates instant usage of
Apple Pay Cash, likely to be accessible via Mastercard's Do you have informed insights about breaking
Maestro ATM Network. It's essentially a new account industry news? We will welcome your perspectives
bundle: credit combined with debit and prepaid, on issues of relevance to the payments community at
following in the footsteps of PayPal and Venmo, greensheet@greensheet.com.