Apple Pay Will Decimate All Online Payment Processors — Potentially Even Banking and Credit Card Companies Worldwide!

Apple Pay Will Decimate All Online Payment Processors — Potentially Even Banking and Credit Card Companies Worldwide!

In the event that you live in a remote village someplace where Internet access is limited, check out this recent Forbes article detailing Apple Pay and the potential market-share it will have access to with regard to global payment processing customers.

Even more shocking, the video below goes a little further into detail about the data they’ll be receiving (with the customer’s permission), and the massive marketing  foothold it will give the company.

Kind of scary if you’re Larry Page and co right now, am I right?

The article I linked to in the opening paragraph is a little worrisome for me personally. PayPal is my financial lifeline, and unlike some people who’ve had misfortune with them; in my case it’s been a good relationship. While $0.15 on every $100 as a fee structure is more than reasonable, $800 for cellphone or other iDevice is not; especially when a seemingly innocent iOS update can brick the gosh darn thing.

Anyhow, I feel myself going into an Apple rant about Apple devices, so I’ll ask you guys to share your own thoughts. Maybe there are some payment-processing-savvy folks reading this who can shed more light on the potential benefits, drawbacks, and all-round industry impact this new Apple service will have on all of us.

Is this a good thing or no?

Do you think the data access Apple will gain can actually put the stranglehold on Google?

Share your thoughts.

Check out this demo of Apple Pay in use:

 

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