Future for Apple.

Noticed an interesting story on brg.com regarding where Apple’s future may be.

Apple has something like 500 million iTunes accounts linked to credit cards. So add a fingerprint reader to your future iPhone or other iTunes connected device and you have the potential for a secure mobile payment system with Apple / iTunes acting as a known, established intermediary between the purchaser and the credit card company.

This would enable you to buy anything and pay for it through your iTunes account, obviously with Apple taking a small commission. If going through a fingerprint reader then iTunes  could help to reduce credit card fraud, then the savings to the finance and commercial organisations would be far greater than any cost charged by Apple so possibly resulting in a general lowering of prices.

With credit card spending up in the $ many trillions each year, getting even a small % of this turnover could turn Apple into a major force in the mobile financial transaction world and without any real competition.

It may have taken a couple of years, but I’m now the (reasonably) happy owner of a finger print controlled iPhone, and a regular user of its Apple Pay functionality.

Leave a Reply

Your email address will not be published.