How Big Tech, Including Apple, Gets Into Fintech

Big tech companies are seizing fintech markets. Amazon, Apple, Facebook and Google have launched their own payment systems. They are now looking to take back the bank, credit and maybe even online payday loans related services as well.

Amazon has a few: Amazon Pay, Amazon Cash, and Amazon Wallet.

Apple has ApplePay and Google has AndroidPay.

These companies are not limited to just payments, however. They also integrate other financial service providers into their ecosystems. All to acquire more targeted data collection from transactions on their own platforms.

These measures will give a company like Apple immense data and it will help it to further refine its products and services.

Let’s take a look at what Apple hopes to accomplish by securing its share of the rapidly growing fintech space.

Apple’s quest for fintech dominance in 2022

Apple is one of the most valued companies in the world and has a significant market share.

Thanks to the almost cult follow-up of their products. Especially for their smartphones and tablets.

Apple also offers a wide range of products such as Macs, iPads, watches, and other hardware peripherals.

However, Apple never really had its own payment system.

I guess they soon realized that if they had millions, if not billions of users, then why not have an in-house payment system as well?

That makes sense, doesn’t it? Hence the creation of Apple Pay and BNPL Services with Goldman Sachs.

Apple is known for its innovative strategy, the simplicity and elegance of its products over the years.

It is also one of the most valued brands in America with a value of $ 214 billion according to Forbes. Apple is also ranked among the 20 most popular brands in the world according to Interbrand; ranking 17th on their latest list with a mark worth $ 114 billion.

What is Apple Pay?

Apple Pay is a mobile payment service developed by Apple Inc. that allows users to make payments at merchants with their iPhone, Apple Watch, iPad, etc.

The idea is to use EMV (credit and debit) cards and NFC payment cards as well as contactless payments from supported banks in the United States, Canada, Australia and China.

In the United States, it can be used through Apple Pay Cash.

The way it works is that the user can place their iPhone on the contactless reader and their payment is processed.

Apple Pay should not be confused with Apple Pay Cash, which is a peer-to-peer payment service.

The future of Apple Pay and Fintech in 2022

FinTech is an innovative, disruptive and rapidly growing industry in the financial services industry.

A number of online platforms are changing the way people transact and manage their finances. With the involvement of big tech, especially Apple, expect rapid and next-level innovations.

The future of fintech will also largely depend on how institutions react to these changes.

Banks cannot just be pushed around because they don’t want to lose their dominance either.

They might gradually adopt or resist innovation. It is unclear which option will prevail, but there are signs that some institutions may need to embrace these changes.

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