I agree with the premise that GS is trying to break into more retail and boring banking. In my opinion they may have already missed the opportunity. JPM/Chase and Bank of America/Merril Lynch figured out this business model over a decade ago and have been building customer bases. Last earnings showed the Apple card to be a disappointment
You are right in that Chase, BofA, Citi and the like have a pretty large head start, but this is just the first innings. I can't even imagine the coming disruptions and ideas in the space. Partnering with Apple -- or Google, which I am sure people have and will -- seems like the right way to get into the space since the mobile phone is the key platform at the moment.
I haven't used apple pay since touch-less cards came out. It'll be interesting to see how they pivot to something beyond pure convenience. I highly doubt the target consumer cares about security. It'll also be interesting to see how far tech companies are willing to partner given increased regulation and scrutiny when finance is involved
Huh, so the friction for you is the actual swipe or chip read? To me the benefit of Apple Pay is not bringing your wallet everywhere, or not taking it out if you already have your phone in your hand.
I use a phone case that holds my cards, so I've got my cards with me already. For me it's how much faster Apple Pay is. Also works way better when I travel out of the U.S., because U.S. cards overseas end up being chip-and-sig, they have to go find a pen, etcetera etcetera. Tap phone, done.
I also like the integration that the Apple Card has with Apple Wallet. I'm not all-in on Apple, I don't own a Mac anymore, but the iPhone and closely related bits are just really nice.
