Tuesday, September 2, 2014
Apple Entering Payment Processing
Although Apple's had a toe in the payment-processing water with its Passbook system (which allows coupons, gift cards, etc. to be used through an iPhone as if the card were present), and Apple's position as the world's largest music store has put it in close connection with all the major credit card companies, Apple hasn't before taken the step of eliminating the middle-men and connecting credit card companies more directly with the vendors selling goods on the store. As explained in my new article at Seeking Alpha, Apple's position supports its launch as a payment processing enterprise.