Apple Pay and the smart decision to work with the credit card industry, not against it

Apple Pay

Apple Pay, Appleā€™s mobile payment system available in the U.S. since fall 2014, seems to have had a fairly good start. It is still too early to conclude whether this initiative will produce a big-time success. But the early signs indicate growing interest among retailers and increasing customer adoption.

When the solution was presented a couple of months ago, one point of criticism about Apple Pay voiced by some was its reliance on the antiquated credit and debit card system. Instead of creating a completely new payment infrastructure and cutting out the existing gatekeepers, Apple decided to built on top of their system. In a time when Bitcoin and dozens of startups introduce people and retailers to new and cheaper ways of doing transactions, Apple chose to play nicely with the notoriously greedy payment establishment. I was not too enthusiastic about that either. Continue Reading