Commerce runs on trust. Apple Pay is supposed to be great because embodies trust, not just convenience. But Apple & the banks it has partnered with may have let their ambitions get ahead of them. >>>
Pointing Fingers in Apple Pay Fraud (NY Times)
When Apple was planning its Apple Pay electronic payment system last summer for its iPhones, the nation’s banks raced to be included among the first credit card issuers associated with the new technology.
Apple’s news release announcing Apple Pay had gushing quotes from Jamie Dimon of JPMorgan Chase, Brian Moynihan of Bank of America and Kenneth Chenault of American Express, along with a list of other companies as launch partners, including Wells Fargo, Citigroup and Capital One.
Marianne Lake, JPMorgan’s chief financial officer, said at the time of the introduction of Apple Pay, “It’s the future, so it’s great.”
Six months later, some of the nation’s banks are privately complaining that Apple Pay may not be so great after all.
But the banks may largely have themselves to blame….