Skip to main content

Apple and the Mobile Wallet

Embedded image permalink




I don't like the term "mobile wallet" in its digital-world significance. The term refers (and I'm quoting from a banking-industry website here) to a smartphone feature that is linked to a user's credit or debit cards "to make payments in person at a physical point of sale." Got it. Not a very complicated idea.

What I don't like about it is the implication that wallets had to become digital in order to be "mobile." Haven't wallets always been mobile? Hasn't that always been the point? A wallet [an "analog wallet" if I need to say that -- a wallet sans phrase] is to be carried, in a woman's purse or a man's pocket.  A mobile wallet is now "in" your phone, in some sense of that flexible preposition. I don't really see a significant gain in mobility there.

Anyway, the reason for bringing it up is that Apple has now jumped on the mobile-wallet bandwagon.

The iPay system, the new mobile phone app for the iPhone 6, was the star of the show at the big much-hyped Apple products presentation September 9th.

Look at the chart above. That's the minute-by-minute change in the price of Apple stock on the day of its announcement. The presentation began half-way through the trading day, and as you can see the price was quite calm while waiting for the event to get underway, then a portrait of volatility throughout the rest of the day.

You don't have to expand this window to a larger size to read the various red tags. I'll tell you what they say. The first tag reads, "iPhone 6, 6Plus announced." The market was underwhelmed by that announcement, plunging to the session low immediately thereafter. Then, though it gradually gained ground back, it only got back to a point at almost where it had been before the plunge.

The second red tag reads, "Apple Pay announced." The market took this as the starting gun for a sharp upward move, an upward move that continued right up until the announcement of the new Dick Tracey style Watch. That third tag says "Apple Watch announced." That's when the price headed down again in a big way. Even U2 taking the stage (the fourth tag) didn't calm people down much, and the price almost got back to the earlier session low again before stabilizing and gaining some ground back.

Apple Pay, aka iPay, was clearly the stand-out.

Fine, let's just find some generic terminology for such an app that doesn't give it credit for mobility.

Comments

Post a Comment

Popular posts from this blog

Cancer Breakthrough

Hopeful news in recent days about an old and dear desideratum: a cure for cancer. Or at least for a cancer, and a nasty one at that.

The news comes about because investors in GlaxoSmithKline are greedy for profits, and has already inspired a bit of deregulation to boot. 

The FDA has paved the road for a speedy review of a new BCMA drug for multiple myeloma, essentially cancer of the bone marrow. This means that the US govt has removed some of the hurdles that would otherwise (by decision of the same govt) face a company trying to proceed with these trials expeditiously. 

This has been done because the Phase I clinical trial results have been very promising. The report I've seen indicates that details of these results will be shared with the world on Dec. 11 at the annual meeting of the American Society of Hematology. 

The European Medicines Agency has also given priority treatment to the drug in question. 

GSK's website identifies the drug at issue as "GSK2857916," althou…

A Story About Coleridge

This is a quote from a memoir by Dorothy Wordsworth, reflecting on a trip she took with two famous poets, her brother, William Wordsworth, and their similarly gifted companion, Samuel Taylor Coleridge.



We sat upon a bench, placed for the sake of one of these views, whence we looked down upon the waterfall, and over the open country ... A lady and gentleman, more expeditious tourists than ourselves, came to the spot; they left us at the seat, and we found them again at another station above the Falls. Coleridge, who is always good-natured enough to enter into conversation with anybody whom he meets in his way, began to talk with the gentleman, who observed that it was a majestic waterfall. Coleridge was delighted with the accuracy of the epithet, particularly as he had been settling in his own mind the precise meaning of the words grand, majestic, sublime, etc., and had discussed the subject with William at some length the day before. “Yes, sir,” says Coleridge, “it is a majestic wate…

Hume's Cutlery

David Hume is renowned for two pieces of cutlery, the guillotine and the fork.

Hume's guillotine is the sharp cut he makes between "is" statements and "ought" statements, to make the point that the former never ground the latter.

His "fork" is the division between what later came to be called "analytic" and "synthetic" statements, with the ominous observation that any books containing statements that cannot be assigned to one or the other prong should be burnt.

Actually, I should acknowledge that there is some dispute as to how well or poorly the dichotomy Hume outlines really maps onto the analytic/synthetic dichotomy. Some writers maintain that Hume meant something quite different and has been hijacked. Personally, I've never seen the alleged difference however hard they've worked to point it out to me.

The guillotine makes for a more dramatic graphic than a mere fork, hence the bit of clip art above.

I'm curious whe…