It might mean that Square's credit card reader dongles are redundant...or so the sharemarket thinks.
Background: Apple is pretty much always at the forefront of new technology - even in the payments space.
What happened: We know Apple has Apple Pay for consumers...but now, Apple is taking this tech one step further with a new feature called Tap To Pay for merchants.
What else: It will allow merchants (like your local cafe or market stall) to accept contactless payments, without any extra equipment. Which kinda makes those Square credit card dongles a 'lil redundant. Or at least the sharemarket thought so.
💡Innovation is generally a good thing. It can make us more productive, create new jobs and push down prices in the industry.
💡But the flip side is that innovation can reduce the profits of incumbents and eliminate jobs. Take Uber for example: the founders and gig economy workers won, but taxi drivers lost.
💡It's a fine line to toe, and right now, we could be about to see companies like Square potentially lose big to Apple's innovations.
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