A Brief History of Apple's Payment Revolution
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Apple (NASDAQ: AAPL) is nothing if not an enigma. Like its sometime rival Amazon, the company has conquered one sector after another throughout its lifespan, often working in secrecy for years before announcing a world-changing technological innovation. With the release of its new state-of-the-art Apple Card, many investors, commentators, and fans are looking back on the impact the iPhone maker has had on one industry in particular: the highly lucrative payments space.
Apple's involvement in the world of payments formally began in 2014, but the company had been preparing for its big debut for years beforehand. After acquiring a number of start-ups and filing patents related to payments, Apple took a leap in 2013 by joining forces with three of the biggest names in the industry: Visa (NYSE: V), MasterCard (NYSE: MA), and American Express (NYSE: AXP). All three companies had been independently looking at replacing the traditional information-sharing transaction system with single-use digital "tokens." Apple, with its enormous brand power, as well as its unmatched presence in hardware and software, proved to be the perfect unifying force.
Source Fool.com
