Apple Is Putting Fintech Competitors on Notice
In this clip from "The Future of Fintech" on Motley Fool Live, recorded on Feb. 10, Motley Fool contributors Matt Frankel, Jason Hall, and Will Healy discuss and analyze Apple's (NASDAQ: AAPL) recent announcement that could potentially put a dent in fintech stocks but could also be a big win for small businesses.
Matt Frankel: Apple is putting fintech on notice. Apple recently announced that its iPhone users will have the capability to accept payments directly from their iPhones with no external hardware required. If Jason has an iPhone and I have an iPhone and I want to pay him for something with a credit card, all we have to do is tap our iPhones and the payment can be processed like that. Square (NYSE: SQ) stock went down after this and for good reason. Apple's first partner that it's going to be using is Stripe, which is Square's arguably biggest competitor, and Shopify (NYSE: SHOP) is integrating it into its system. No mention of Square to be found, and a lot of people think this is going to disrupt Square's business. Guys, what do you think?
Source Fool.com
