Apple vs. Banks: The Digital-Wallet War, Explained | WSJ
Digital wallets like Apple Pay are continuing to grow in popularity. Banks are worried they’re losing ground to tech companies eager to gain market share in consumer payments.
One of traditional finance’s biggest threats is Apple. Here’s how big banks are fighting back.
0:00 How digital wallets like Apple Pay work
0:43 How banks are competing against Apple Pay
3:45 Can banks succeed in creating their own digital wallets?
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#ApplePay #DigitalWallet #WSJ
Use PAYTM FROM INDIA😂😂😂
in PH we use QR codes
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Am I missing something here? Why are banks worried? You still need an actual card to use Apple Pay
Well the thing is that Apple deliberately locked their NFC chips from 3rd party developers. That’s why the Swiss payment App Twint used Bluetooth, though eventually a lawsuit took care of that.
I don’t really use wallet because of gas stations, vending machines, small retailers. And I like to pay different things with different cards. Wallet doesn’t prompt me which card to use of the ten I have. Some cards don’t work with it either.
🚨 👉 Are cash apps the cause of the explosion is identity theft & bank fraud⁉️
Tbh I rather give my money to apple than those big banks any day. Apple has done nothing but make my life easier and they actually care about the environment.
Explain it to Walmart🤣🤣🤣
Ужасно отсталый у вас в Америке банковский сектор и сервисы
FED just enters the chat. what are you guys doing?
In Thailand, one does not need a ‘digital wallet’ or a card.
One opens the banking app on one’s phone and there is a scan option. One scans the vendor’s QR code, which the vendor displays at the counter.
The QR code is the vendor’s bank account which is scanned into banking app on one’s phone.
Key in the amount, press OK and the amount is paid into the vendor’s bank account.
No need for digital wallets eg Apple Pay etc.
I don’t understand why the US uses digital wallet when one can simply transfer from one bank account to another bank account on the phone.
I like my cards too much they are more fun to use than the phone
j41
Great that the EU mandates that Apple open up the availability of NFC payments to 3rd parties so there’s fair competition in this area. All these middle men between your wallet and the merchants is just more fees for consumers
Payments industry needs new players and innovation asap. We all do not deserve wire fees of $30+ per transaction with its 2-3 business day limitations and ton of complications. We need immediate cross border payments at tip of our fingers, smooth abs safe! Banks need to buckle up!
While digital wallets and debit cards are nice, remember cash is always king. 👑
Very surprised people actually use PayPal I honestly thought it died a while ago barely hear anyone ever speak of it around here.
Amazon Prime card is a Chase card. Noted 2024 December.3:16
4:08 It is now 2024 December: What happened with Paze? Did it arrive but under a different name?
– What happened with CurrentC?
– why was Paze expected to succeed where CurrentC seems to be gone?
– Why and when did Chase Pay fail?
What problem occurred with Goldman Sachs and Apple?
i trust apple more than i trust banks specially greek banks that just steal from greek people. So they are afraid and that is good!
With help of Apple Pay Mastercard and Visa is doing a up front attack on the Danish paying card Dankort.
The fee on Dankort is set by law. Fee by Mastercard and VISA is not.
The fee is 10 times higher on Visa and Mastercard. And now the shops are really feeling the extra fee because of Apple Pay
You lost me when you quoted Jamie Dimon. He’s simply the dumbest CEO to have existed. Even on a planet that has Elon Musk.
I was forced to watch this for school so dislike
I pay with a jar of pennies.
Why the American people don’t use the services like UPI like India? People can do transaction with one another without giving any extra cost giving to the bank or Apple Pay.
Apple pay is a stone age product compare with the likes of WeChat pay and alipay in china. It’s not going to succeed beyond apples eco system which is ever going to be a niche market. It will never grow to be a mainstream product because it will die and lose all value by then.
This did not even mention how secure your information when you use apple pay vs the bank cards
班代表：
這段YouTube視頻探討了蘋果公司（Apple）及其數位支付系統Apple Pay如何對傳統銀行業構成威脅，以及銀行如何應對這一挑戰。以下是詳盡的摘要：
視頻開頭，對比了傳統支付方式（如信用卡）和數位錢包（如Apple Pay、Google Pay和PayPal）的使用情形。隨著數位錢包在網路支付中的日益流行，傳統銀行開始感到擔憂。高盛執行長Jamie Dimon在2021年提到技術金融的快速增長讓他們感到不安，而蘋果則被視為最大的威脅之一。
蘋果於2014年推出Apple Pay時，並非首個數位錢包，但由於其在美國的iPhone使用佔比高達78%，使其具備了競爭優勢。此外，Apple Pay還是唯一獲得銀行同意支付每筆交易手續費的數位錢包。銀行賺取的主要是從交易中收取的轉換費（interchange fee），通常為1%至3%。例如，若使用信用卡購買5美元的咖啡，銀行可獲得約10美分，但若透過Apple Pay，銀行則需要向蘋果支付約0.75美分，最終銀行僅能留下9美分。雖然看似不多，但這些金額隨著交易量的增加而積累，蘋果去年估計從Apple Pay中獲得了約7.82億美元的收入。
儘管蘋果Pay的收入額只占其服務收入的一部分（包括App Store和Apple Music），不過該增長速度顯著，2020年至2022年之間幾乎翻倍。此外，銀行還面臨著品牌影響力的損失。他們擔心消費者習慣與蘋果進行支付，未來可能將無需依賴銀行。
蘋果的支付野心遠不止於此，2019年其與高盛合作推出了Apple Card，並在2023年初推出了分期付款計劃，蘋果的子公司實際上將取代許多銀行的角色。
銀行方面，最近他們也開始推出自己的支付技術，許多銀行推出了tap-to-pay卡，並準備對抗蘋果在網路支付的主導地位，推出名為「Pays」的數位錢包。這個錢包由七大銀行共同運營，旨在簡化線上結帳過程。然而，成功的前提是消費者能夠實際使用該錢包，並且商家願意接受這種支付方式。
歷史上銀行曾多次推出數位錢包，但大多數都失敗，最新的嘗試也仍需與使用Apple Pay和PayPal的消費者行為競爭。最後，視頻指出，銀行與科技公司之間的競爭將持續進行，最終市場將出現控制消費者支付和金融服務的一小部分超級應用（super apps）；所有參與者正努力爭取成為那最後的獲勝者。
paymant apps are nice if banks are on board in swizerland wee have a united payment system i love it scan and go Payze seems a lot like twint(swiss system
Competition is the Name of the Game in business! Let’s see how it goes.
Emma, you’re a trading legend! Learned so much from binge watching your vids. Killing it!
Aber si entiende soy join cesar propetario estoy atualizando
How about “QR Code or Prompt Pay”?
Everytime a 1% says we should be scared of something. That means they will lose money if we use that something instead of their thing.
CAsh is more secure for people.
Every family has that one person who will break the family financial struggle, I hope you become the one😊
Can we do a Q&A session on trading strategies soon?
I reach for my wallet and credit card, I’m a physical card guy and I earn rewards for using my credit card and pay no interest as it’s paid in full monthly. I’m not drawn to digital wallets and find them more annoying when hiccups arise when you’re standing in line.
American banking feels like the Stone Age and the main reason why they fell behind. Wise and Revolut have services that compete. The main advantage Apple has is its proprietary technology and allowing user anonymity.
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Traditional Banks suck anyway, doing way too much with paper still even.
Everyone push real hard about all of these things and call each other to take a big stand even for your coworker that may not be able to right now. Such as myself.
No one prefers wallets in Europe and Australia lol
The Indian UPI system is miles ahead of the west.
I’ve never used Apple Pay.
Got it, only US banks in the US are just now thinking about things that existed everywhere forever like iDeal or Blik. 🥱
Hi, how are you? This is just a suggestion, okay? But it would help a lot. The thing is that digital payment sites are very complex these days. It’s hard to pay a bill online. You have to go to the site, then enter about 5 passwords, and then scan the QR Code, not to mention when they ask for easy recognition. Guys, if you think about it, this is crazy. That’s why people get stressed when they go to pay their bills. And this happens with every bill that people pay these days. A site puts or puts about 4 or 5 passwords, then they have to send a password code to their cell phone, which they then enter on their computer, and then the same thing happens with another bill that the person wants to pay, and so on. People go crazy. In addition to being stuck on the computer, now they also have to be stuck on their cell phone, both at the same time. Imagine paying basic bills that are about 5 or 6 accounts like that, with so many passwords and procedures? If there are no laws in these cases, in the digital world, they should create some to regulate this. To regulate this digital abuse on the internet and in digital payment methods. And to give people other alternatives to get off their cell phones as well. And what about those who don’t have a computer or cell phone? What are they going to do? These devices are expensive. Thank you for your attention. I hope this changes someday, because the way things are, things have become very complicated and difficult. Complex. Instead of being simple, so that people can have peace, it has become the opposite. A hug.
They don’t talk about how iPhone wallet is hardware unlocked for various infrastructure like transit, memberships, and passes. It’s the integration allowed them to find success in this area
Tough get with the times