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Apple Inc. (AAPL) is Focused on “Killing the Wallet” With Apple Pay Service

Apple Inc (AAPL) Apple Pay

Apple Inc. has tried to disrupt the payment industry in the U.S. and globally with the launch of its Apple Pay service. A number of tech firms have also shown interest in killing the wallet: there’s Samsung Pay, Alphabet is behind Android Pay, PayPal is getting a foothold in mobile payments and banks are getting into the game.

Apple Inc (AAPL) Apple Pay

Apple Pay joins the growing list of tech projects designed to kill the wallet as the world gradually moves towards cashless and contactless transactions. However, the humble wallet is still very much alive but the latest news report from the mobile payment sector suggests that Apple Pay has found another way to get its payment service to the mainstream market.

Apple Pay comes to ATMS

Tech Crunch reports that Apple Pay might be coming to ATMs in the U.S. through a new initiative from Bank of America and Wells Fargo. Last night, news broke that both Bank of America and Wells Fargo are working on how to integrate Apple Pay into their ATMs. The news report holds that both banks have placed engineers on multi-month assignments to create Apple Pay options for their ATM.

Wells Fargo’s head of ATMs Jonathan Velline says, “We’ve been working on the technology that allows us to hook to digital wallets, leveraging NFC on mobile phones to replace the card at the transaction at the ATM.” He also notes that,” we’re also looking at lots of different mobile wallets and evaluating which ones are going to be appropriate for our customers. We’ll likely add more mobile wallets throughout the year”.

The integration of Apple’s mobile payment system will probably make it easy for users to withdraw cash from ATMs without using a debit card or credit card. A probable scenario would have users tapping their phone against the NFC point on the ATM to bring up passcode or thumbprint verification screen. Once connected, users will be able to access ATM functions such as withdrawals and printing mini statements among other things.

Apple is finding it hard to attract and retain top talent

As much as Apple is trying to make a difference in the mobile payments market, the firm is losing its shine as one of the best places to work in Silicon Valley. The Guardian reports that “Apple is no longer seen as the best place for engineers to work, according to several Silicon Valley talent recruiters. It’s a trend that has been happening slowly for years – and now, in this latest tech boom, has become more acute.”

Apple pays its engineers good money; after all, it is the world’s biggest firm and it sits on a cash pile of more than $200B. However, the problem with Apple’s ability to attract and retain top talent is rooted in its culture (or lack of thereof). The firm doesn’t believe in pampering engineers and it is no longer news that Apple doesn’t offer the perks (such as free food) that has become commonplace in Silicon Valley.

However, the main reason Apple is finding it hard to attract and retain top talent is that Apple is no longer pushing the frontiers of tech by solving “big problems. Michael Solomon, the co-founder of 10x, an engineering talent management firm says, “The best engineers want to work on the bleeding edge of technology…  Apple’s last release [the Apple Watch] was not a giant hit. And everyone’s already got an iPhone. There’s just diminishing returns making it another degree of a crisper screen or a higher megapixel camera. It’s just a replacement game.”

 

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Victor Alagbe is a seasoned business and finance writer with a specialty in writing about how to invest for the long-term in healthcare, pharmacology, energy and tech stocks. His long-term focus is on stocks that provide a nice mix of growth and income. For the short term, he passionately writes about trading stock options for the excitement and leverage that stock options offer.