What’s stupid about Apple becoming a bank and then spinning it off later if it wants out?
Both Apple and MSFT had talked about morphing into banks in the past.
As a bank, they could operate on some sort of modified wire transfer basis and cut out the human. It’s not a horrible idea. Add to that they can cut the bank out of their current currency arbitrage process and there are all kinds of reasons why a bank makes sense.
Why have branches when you have Facetime and ApplePay?
Rather than go into ALl the reasons, what is a show-stopper reason why a company with the free cash of Apple not do something like this. One showstopper is the SEC. I get that, potentially.
What would be another? Any business that had a cash register and a bank account to give cash to an Apple banking customer and that business would automatically see funds in their account for the amount of the cash, plus a fee for their trouble. The whole world could be a teller, for the most part. Loans would be a little different, and maybe you stay out of those for now.
I don’t know. You want to talk about really having transaction traffic - be your own bank.
Showstopper? Banking is not a subset of making computers. It’s a completely unrelated industry. Businesses which dive deep into very large industries which have nothing to do with their core competencies rarely survive. It’s as stupid as the assorted examples I gave and apparently you didn’t read, so I’ll just stop here.
All the fees associated with Apple Pay transactions are paid by the bank. Apple becoming the bank result in Apple having to pay itself for the transactions.