We look at (1) Apple’s key financial products, (2) the ways in which Apple poses a threat to incumbents, and (3) where incumbents can build, buy, and partner to compete.
Over 90M consumers in the US own iPhones, yet only around one-third have made at least two transactions per month on Apple Pay.
Now Apple is making its first foray into lending with a new credit card and personal finance management product in partnership with Goldman Sachs.
Apple is undergoing a strategic shift away from one-time hardware purchases and toward recurring “services” businesses that boost revenue per user. The company hopes to boost Apple Pay adoption as it opens up opportunities into a broader financial services platform that encompasses payments and credit cards, as well as personal loans, wealth products, and more.