ANALYSIS: Why Apple wants to become your bank
There's no denying the ingenuity and the intuition of Afterpay's founders. They took an old idea – what for decades was known as lay-by – and tweaked it with modern technology to offer younger consumers access to credit, seemingly without the burden of interest charges. It has been a massive hit with consumers.
It also obscured a far less glamorous and largely overlooked development a fortnight earlier when it was leaked that Apple would be entering Afterpay's arena. Banks will always be there and will always be necessary. But technology has broken down the relationship between the bank and its customers. And if retailers and merchants, who have been gouged mercilessly with horrendous fees by the buy now pay later crew, can get a better deal or no fees at all, they will happily side with a tech giant. That doesn't bode well for the future of specialist buy now pay later firms.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
'She didn't cry': Why the 1953 execution of Ethel Rosenberg should be reconsideredA new book examines how her brother's lie, the FBI's thirst for knowledge and traditional ideas about what makes a good wife led to Ethel's conviction.
Read more »
Why some Olympic cities become multi-billion-dollar graveyards for white elephants after the GamesOlympic hosts have big dreams of attracting tourists, advertisers and the eyes of the world. But in recent years they have usually been a poisoned chalice, leaving cities littered with white elephants.
Read more »
Why scrapping gold medal predictions worked wonders for Australia in TokyoThe boss of the AIS says the contentious policy helped Australia’s record-breaking Olympics as the country’s highest-funded sports all delivered in Tokyo.
Read more »
Why scrapping gold medal predictions worked wonders for Australia in TokyoThe boss of the AIS says the contentious policy helped Australia’s record-breaking Olympics as the country’s highest-funded sports all delivered in Tokyo. oympics tokyo2020
Read more »
Why some Olympic cities become multi-billion-dollar graveyards for white elephants after the GamesOlympic hosts have big dreams of attracting tourists, advertisers and the eyes of the world. But in recent years they have usually been a poisoned chalice, leaving cities littered with white elephants.
Read more »
Teary Messi leaves door open for Barca returnA tearful Lionel Messi has left the door open for a fairytale return to Barcelona before he retires, after La Liga rules forced him to part ways with the only club he's known. 😥 9WWOS
Read more »