While that's true, it's highly likely to work, at the very least as a long-term business plan strategy – people are gonna want to use their phones to make payment rather than unnecessarily carrying around a wallet full of little plastic cards, as it makes sense to them from both practical and (if it works as it should) security angles (lost/stolen phones cannot be used to defraud anywhere near as easily as cards would).
Do the maths, and this really is one of Apple's biggest earners, for relatively little effort once launched and running smoothly.
Think about it, when this (or if this fails, Apple Pay v2!) eventually rolls out worldwide for people's everyday spending, collecting 0.15% per transaction is A LOT of money, even for Apple.
Americans alone spent last year $14 trillion on shopping. At 0.15% that's $21 billion. If Apple got 20% of that spending through Apple Pay; that's $4.2 billion.
Say Europe has the same figure; that's another $4.2 billion.
Add the same figure again for other (non-US/EU) developed countries; yet another $4.2 billion.
And perhaps add double that figure for the rest of world's shopping spending; another $8.4 billion.
We get to $21 billion EACH AND EVERY year in Apple Pay revenue for Apple, and that'd be growing. That's 12% of Apple's current annual revenue, so hardly chump-change.
And even if their other product lines started to slow in uptake, this one would grow year-on-year, as people will spend money on non-Apple things regardless.
Last edited:
pay is clearly just to sell iPhones, nothing more. If it also makes money, great.
