Apple could also point to the financial sector, transforming Apple Wallet in the new PayPal and offering services of various kinds. According to Mark Gurman, in this way the Apple could revolutionize the fintech sector to offer an even more complete service to its customers.
Could Apple Wallet Become the New PayPal?
In the newsletter of Mark Gurman on Bloomberg, the well-known analyst wonders what steps Apple should take to become a reference point also in the fintech sector. Gurman passes these as pure speculations, but knowing the many contacts he has in the Apple world, it seems that they may be in the future of Apple.
The first step in accelerating expansion in this sector would be the launch of Apple Card outside the United States, perhaps by launching a service Apple Card+ with better rewards with the support of Goldman Sachs (perhaps by increasing the cashback).
But the qualitative leap would come by trying to emulate PayPal. The digital account offers a complete financial experience, from digital payments to investments to cryptocurrencies. The great Apple ecosystem would allow you to immediately see Apple Wallet used not only for payments between friends after a dinner, but also to manage bills and so on.
According to Gurman, Apple could find a growth model in the industry by providing the ability to pay with Apple Cards even outside of Apple Pay, as well as establishing private accounts for users, like a real bank. An operation that would be complicated, especially outside the United States. But once the switch is made, Apple could develop investment services, even automatic as with Robin Hood.
Not all of Gurman’s proposals can be easily realized. But the idea of providing a PayPal-like service for Apple users seems attract appreciation from online users. Although, for now, all remain only hypotheses (at least until Gurman hears the green light from his sources in the Apple environment).