Yesterday, hardware stole the show at the Apple unveiling. But Apple’s most impressive achievement on display at yesterday’s announcement was not a technological feat — although the technology on display was certainly impressive.
Apple’s great feat was the use of their scale to swiftly get the world lined up behind a new model for payments. Apple Pay will be more secure, it will be easier, and it will probably be more profitable for the payments industry as a whole by shifting people away from cash (at least for the time being). But putting it into practice required an entire ecosystem to move in unison — merchants, consumers, credit card companies, and banks. Something that only a company with the massive reach of Apple could do.
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