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How Apple's Trojan Horse Will Eat the Credit Card Industry

Apple Pay was launched last year, with lots of fanfare and support by the credit card industry. Partnering with the banks that issue credit cards overcame the resistance that early entrants in mobile payments had faced. It also solved critical technology and infrastructure problems and offered the credit-card industry a new avenue for growth. Apple Pay isn't a household name yet, but it is growing steadily and is likely to become one. Most recently, Apple announced a deal with China's UnionPay, the state-run sole issuer of bankcards, to allow it to operate nationwide in the People's Republic.

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huffingtonpost.com
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