http://www.smh.com.au/business/banking-and-finance/dont-believe-the-hype-on-apple-pay-says-mastercard-global-chief-20150325-1m302w.html
Here is a snippet from the piece:
MasterCard's global chief, Ajay Banga, has not yet seen a good reason for people to ditch their credit cards for mobile devices.
"If you add value, people will do it. But if all you are doing is saying 'instead of reaching in your pocket and taking out your card, well, now you are going to take out your phone and wave it' – I don't know what you are solving," he said, pointing out habits and cultural norms change much slower than technology.
Instead of being disrupted, the incumbent payment network, along with fellow global giants Visa and American Express, has so far remained integral to the numerous tech players' push into payments – including Apple, Samsung and Google's Android – and they are assisting its growth.
Want any substantive change in payments? It doesn't appear to be happening here.
Happy Reading,
J.W. Gant
"If you add value, people will do it. But if all you are doing is saying 'instead of reaching in your pocket and taking out your card, well, now you are going to take out your phone and wave it' – I don't know what you are solving," he said, pointing out habits and cultural norms change much slower than technology.
Instead of being disrupted, the incumbent payment network, along with fellow global giants Visa and American Express, has so far remained integral to the numerous tech players' push into payments – including Apple, Samsung and Google's Android – and they are assisting its growth.
Want any substantive change in payments? It doesn't appear to be happening here.
Happy Reading,
J.W. Gant
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