Apple Pay: We Live In Interesting Times

apple0132After a long break, people following Apple are in a dilemma. Should they focus on the Watch (I hope this is how one should refer to the device) or Apple Pay. The Watch is interesting and has the potential to unravel a slew of use cases and apps for a new device but given that smartwatches have been around for a while makes the other announcement – Apple Pay – more fascinating. A lot has been written already about how it works, how PayPal should be worried and so on – and it is not my intention to add. Rather I think it is about time Apple stopped bothering about personal productivity apps (their Office clone – iWork) and focus on developing financial wellness/wealth management application suites

Think about this – if Apple Pay does take off, the company will cover almost all aspect of spending by its users and have real-time records of that. Not only can it account for these spends – it can weave them into magical apps where users get to know their financial well-being right there instantaneously. Physical well being on the Watch, financial well being on the phone. Think of how you thought of a phone and a watch last month and the pace of change hits you like a train. If I were Intuit (mint.com actually) – I’d be a touch worried (actually more than just a touch). I am yet to fathom how Apple Pay can invade the Enterprise but if it does then I’d be really worried if I were Intuit. Accounting is a slap-on process atop the data that is created in the process of transactions – the real deal is, well, deals. And very soon Apple Pay will have a barrage of advertisers sucking data from Apple’s read-only APIs and pushing deals through to users mining dimensions of their transaction data. That is what spenders care about – deals that help them realize value. Apple Pay might have just started out two days back but it has the potential to disrupt a lot of things beyond just payments

As the <insert your favorite countrymen> say – “we live in interesting times”

Image from TechCrunch

Advertisements

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out / Change )

Twitter picture

You are commenting using your Twitter account. Log Out / Change )

Facebook photo

You are commenting using your Facebook account. Log Out / Change )

Google+ photo

You are commenting using your Google+ account. Log Out / Change )

Connecting to %s