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Apple has offered to let rivals access its tap-and-go mobile payments systems used for mobile wallets, three people familiar with the matter said, a move that could settle EU antitrust charges and stave off a possible hefty fine. 
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Goldman Sachs Group Inc., which has been trying to jettison its struggling credit card business, now has a potential way out of its partnership with Apple Inc.
Vineet Anand's insight:
Apple's early exit from GS likely indicates a formal relationship with another issuer and servicer for its card and savings account offering. As suggested previously, time for Apple to get a banking license through acquisition to own the service offering that brings great value to its 'services revenue' bottom line! Has Amex stepped in? Or is it Synchrony? Amex service and culture is more aligned to that of Apple. However strategically the expansion to health insurance and wealth for Apple will require another partnership or goes back to owning a license!
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Apple's relationship with Goldman Sachs led to the creation of the wildly successful Apple Card, but post-launch friction and a change in priorities has crashed the relationship into the rocks.
Vineet Anand's insight:
Recent news publications have reflected the conundrum Apple faces in its partnership with Goldman Sachs and its impact to the Finance Services(FS) model that hinges upon this important relationship. Is it in peril? How will Apple exit keeping its consumer base gleefully happy unaware of this noise? Where does this lead to for Apple in next 2 years as the MasterCard partnership agreement comes to an end too?
Apple's FS leader, Jennifer Bailey, can explore targeted spectrum of strategic activities including 1 . Given the current Federal hikes there is good opportunity to purchase(acquire) a bank (small) for license with capability in cards, savings, checking, insurance (health) products, and Wealth - create pathway for further expansion to FS products; 2. Banking license and a targeted acquisition (even banks with $50 to $100b in assets) will free it from wrangling of underwriting, fraud, KYC and reporting; 3. continue to expand developing in-house capabilities as it has executed with rewards, underwriting, credit management; 4. card / payment processing using modern issuers like Marqeta, SoFi are partnerships to develop without giving up the interchange that it never paid Goldman per contract 5. servicing through a premium provider using in-house tools Given Gen-Z's over the next 4 years will be establishing more than 4 million banking accounts and seeking new additional FS products - giving the traction over the past decade from wallets to Apple Pay to Apple Cash to Apple Card to Apple Later to Apple Savings ... growth in health insurance, and wealth will be key whilst steering the Apple Car Play engagement growth!
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Apple Card credit-card holders can open an account with a 4.15% annual percentage yield.
Vineet Anand's insight:
Apple's much awaited savings account is now available to Apple Card holders.Industry impact - a very attractive rate of 4.15%, better than most CD rates in the market with a lock-in period for 8 to 12 months; depositors are shopping for better rates, leading to movement to greater competition to both established large banks and Neo-banks. For Apple a great ramp to increase services revenues from payment post the recent BNPL offering!
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Apple on Tuesday introduced Apple Pay Later, which will allow users to split their purchases into four payments spread over six weeks.
Vineet Anand's insight:
#EmbeddedBNPL is here! BNPL has its headwinds with - Fintech latest valuations with the likes of Klarna, Affirm reflect current market environment; Fed raising market rates in high-inflationary environment - cost of credit for BNPL players; Regulation is coming to BNPL... yet there is opportunity.
BNPL market, per some researchers, will grow $250B+ in 5 years and the tailwinds - Consumers (especially GenZ's) want instant gratification; creating differential financial experiences; Brands want it to create unique buying experiences.
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The card will charge no fees, pay daily cash rewards and sync with consumers’ iPhones to analyze their spending.
Vineet Anand's insight:
Apple Card issued by Goldman Sachs.. die hard Apple users will get the numbers rolling with its titanium look and etching. The rewards program is not the best, yet will offer cash back and deliver on privacy. Great foray for GS to make inroads post the start-up acquisition to offer this product!
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Apple has disabled the group calling feature within its FaceTime calling service while it works on a patch to fix a nasty bug that allows eavesdropping. Apple’s status page shows that group calling via FaceTime is “temporarily unavailable” — that’s a stop-gap move whil…
Vineet Anand's insight:
Attain, the new health app in partnership with Apple! Partnerships to aid future services revenue for Apple.
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The disappointing performance of Apple’s iPhone XR is rippling through the global supply chain, leading Japan Display to seek a bailout from an investor group from China and Taiwan.
Vineet Anand's insight:
Apple to end LCD screens currently used in XR models by 2020 leading to potential sale of Japan Display to investors in China / Taiwan!
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Kate Spade, Fossil, and Michael Kors announced new smartwatches at CES, including new models with NFC, GPS, and heart rate monitoring.
Vineet Anand's insight:
Kate Spade and Michael Kors are feeling the pinch from Apple Watches that have GPS, HR monitors and payments! The new versions of watches will fend off against Apple watches with Google Pay as NFC payment option. Curious to see how many Kate Spade and Micheal Kors customers have an Apple Phone.. it will create confusion for customer use watch to pay (with Google) or Apple iPhone?? Apple has 77% of the debit card trx in US market.
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Apple's peer-to-peer payments feature will not go live with the launch of iOS 11 tomorrow but will arrive this Autumn, enabling users to send mone
Vineet Anand's insight:
Apple ecosystem P2P payment service launches with Green Dot providing the virtual Apple Pay Cash card. P2P payments even through on Apple devices, will compete with Zelle, Venmo, and Square Cash.
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Apple has accused some of Australia's largest banks of wanting to price its mobile payment service out of the market and at the same time conditio
Vineet Anand's insight:
The battle between Apple Pay and the big 5 ensues down under.
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Australia's banks will have to sweat it out over their application for a collective bargaining agreement with Apple over NFC access to the consume
Vineet Anand's insight:
The headline is a bit twisted as ACCC body has requested more time to review information and impact to all stakeholders including end consumers. Draft to be rolled out in Oct 2016, will outline the ACCC assessment of situation. As a consumer it will be unfortunate if using an iPhone restricts one to just using NFC for passbook rather than allow NFC to be used by other wallet providers mainly the banks where an iPhone user maintains an account. Will look out for the draft decision in October - will the end consumer win!
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The founder of an Australian robo-advisor has accused the country's banks of hypocrisy over their cries of anti-competitive behaviour from Apple Pay
Vineet Anand's insight:
Aussie banks petition to ACCC over opening up Apple for allowing other wallets to use NFC on Apple phones. This will open the debate around bringing PSD2 to Australia with open API's that Fintech companies require to access consumer data currently protected within the banks. This battle over anticompetitive nature of ApplePay might be good for consumers as legislation like PSD2 equivalent makes its way to Oz.
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Apple is preparing to bring one-touch online shopping to the mobile Web later this year, enabling consumers with Safari browsers running on th
Vineet Anand's insight:
Much awaited Touchid for safari users will be enabled soon. Very similar to in-app purchases web purchase experience will be enahanced similar to in-app expereince. PayPal's One-touch solution has 18 million customers and a million merchants with a significant advantage of being mobile operating system agnostic!
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Apple Pay is set to make its debut in China later this week, while rival platform LG Pay delays its lunch until later this year.
Vineet Anand's insight:
The day is here now for Apple Pay launch in China. Likely it will gain better results than Australia and Canada launches where the usage is limited in sole partnership with Amex. China rollout includes support from 15 banks and will compete with Tencent and Alibaba QR based solutions at POS and through chat services.
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Finextra: Google is expanding the reach of Android Pay, adding in-app payments in the US and promising international launches, beginning with Australia, for 2016.
Vineet Anand's insight:
Android Pay launches in-app payments with Lyft, Open Table, Hotel Tonight as part of the roll-out. More interesting is the launch planned for Australia in 2016 and is working with the big 4 banks for 2016. Apple Pay only works on Amex-issued cards in Australia due to other banks not willing to share fees, which is capped.Related article - https://www.linkedin.com/pulse/banks-loose-contactless-payments-landscape-likes-apple-vineet-anand?published=u At some stage Apple Pay will need to cede to big 4 banks and other issuers, in case Android Pay launch is a success with zero fee sharing agreements, as Android pay in US has similar zero fee sharing agreements with issuers.
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Apple is in discussions with U.S. banks to develop a mobile person-to-person payment service that would compete with PayPal’s popular Venmo platform, according to people familiar with the talks.
Vineet Anand's insight:
As predicted last year, I had suggested the next step for Apple Pay will be to offer P2P payments and seems like Apple is working towards finding a solutions. Venmo has 19% of P2P mobile market today popular with millennials using its vast array of emoticons to pay for bills, rent, and shared expenses. P2P is on offer with Google Wallet, PayPal, Square $cashtag, Facebook messenger P2P and recently ClearXchange opened its network for use with use of email address or phone number! Apple's Wallet strategy to bring loyalty and P2P are part of the experience in an attempting to develop in bringing greater usage of the Apple Wallet. Sending a iMessage with funds, PFM and Bill Payments will follow suit at some stage! Personal finance management tools and services will add more value to the Apple Wallet with its devout iOS users.
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Curated by Vineet Anand
Payment Industry leader passionate about Fintech, Innovation in Banking, Product Management & Strategy, driving revenue growth through client management, business development and P&L focus.
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A game changer for Apple Pay rivals that have for nearly a decade have been pushing Apple to open its tap-and-go services for inclusion. Players from down under Australia to US to EU have long challenged Apple for its inclusion of other rival providers. And whilst the current proprietary network has served well in building leadership, this change will change the landscape significantly.
Apple can benefit by driving greater revenue in opening it services post this EU offer conclusion by 1. charging a fee to use the service; and 2. through increased transaction volume; and 3. having users of rival players to likely convert to more Apple financial services offerings .. draw more consumers that benefits the larger Apple ecosystem.