It’s increasingly apparent there is something very wrong with the banking system. The constant crashes and ever-increasing gap between poor and rich are proof of that. With banks understandably losing public trust, many tech companies are openly stating their intentions to replace them. The Apple credit card is a huge alarm bell for the traditional banking institutions.
A complete game changer. The Apple credit card can and probably will reshape the trajectory of the entire company. Apple is a company who has nearly 1.5 billion people using their products and services daily.
Just imagine if “only” 50% make use of the new Apple credit card. This means more than 700 million people will use this card with no fees and no banking institution in the world can even hope to be close to that number of clients.
Traditional banking institutions are rapidly losing trust and clients. The Apple credit card is a direct and clear announcement that tech companies are intending to take over the banking sector. Tech companies are definitely no saints, but no one seems to be against them taking over.
Countless surveys have shown that people seem to trust tech giants more than banks. People would much rather trust Apple with their money instead of Goldman Sachs. With the overwhelming majority of young people being impoverished by debt and ridiculous interest rates, a huge percentage of them will instantly flock to Apple.
The Apple Credit Card shows incredible potential
People across the entire world are getting smarter and more informed. This is why they are hungry for an alternative. Apple’s solution will most definitely not be perfect, but it’s the first of its kind and more importantly, it’s something new.
Every month, 900 million people use #WeChat Pay. Supermarkets are the most popular context, followed by eating out, and online shopping. Usage has climbed sharply.
Find out more about the permeation of WeChat into everyday life in China: https://t.co/DQyMXAU92w pic.twitter.com/Kd5aJ1ltoM
— Business of Apps (@BusinessofApps) March 14, 2019
In China, we’re already seeing the possibilities as mobile payments have seemed to dwarf traditional payment methods. These payments however, are just the beginning of something larger.
Checking accounts, investing opportunities and even mortgages are all possible. 1.5 billion people will be able to use these services and that number will probably double in a few years.
The services which can be offered by Apple are by no means the key factor of this new banking revolution. These new services will take time and will be added in a step-by-step process. There will be mistakes and probably not a lot of people will be able to afford these services.
Apple is however, only one tech giant and there are many others like it. Maybe not many companies have the same resources, but they can develop and grow the same idea. This is why the banks should be scared. It’s only a matter of time before the current banking system is destroyed and it remains in the canals of history as one of humanity’s worst mistakes.
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