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Short blog today on an example BNPL opportunity and the differences between a consumer BNPL solution like Apple Pay Later and Merchant integrated solutions from providers such as Affirm (or SQ/Afterpay see Three Flavors of BNPL). Today Air Travel and Vacation packages are the focus.
As is the case with every financial services product, BNPL will not be a winner take all market. Apple’s moves, together with Amazon/Affirm, will help establish the momentum behind BNPL as a viable credit alternative.Continue reading “Three Flavors of BNPL”
A tipping point for consumer finance? Apple is doing much more than creating a consumer finance arm (ie in the model of GM/Ford) they expanding consumer access to credit beyond their products, based upon the unique “instant” distribution they have and their knowledge of the consumer. This platform will support the distribution of their own unique products (Apple Pay Later) as well as partner products (Apple Card with GS) and instruments core to how consumers pay (V/MA/Amex and domestic schemes).
Apple announced a new service at WWDC 2022 yesterday (Youtube – ~21:00 in). What is it and how does it relate to their recent acquisition of Credit Kudos?
Apple is just beginning to build a payment platform business for both consumers and merchants. If the cost of issuing a card, or acquiring a merchant, is 0.. What does this do to bank “relationships” and products?
My view is that CBDCs offer banks a transformational opportunity to reinvent payments and retail banking. The attributes that make CBDCs great are different, and in conflict, with today’s retail banking. But these differences are not necessarily a threat. What do banks see in CBDCs that causes them to go into defense mode? Why should you look at them in a different light?
The US, Middle East and a few other corners of the world remain the data wild west. Europe’s GDPR brought a global model for privacy that is being replicated in most other geographies. But where is the clearinghouse of permissions? The “one time” access to consumer information based upon online banking credentials has mophed into an “always on” inquiry for unspecified uses.
How others accept and validate our identity is core of payments (see Trust Networks and Authentication in Value Nets). The structure, exchange and assertions associated with identity are also defining: web3, DeFi, Crypto, CBDCs and the Metaverse. These are not separate silos, but rather overlapping ecosystems that must interact, thus the importance of bridging identity across networks/domains (see Blog – Trust is domain specific).