Perhaps, there's only 2 types of people in the tech world - those who innovate because of Apple and those who do it despite Apple. And there's the third category - the '4th estate' - media people like us who try to make a living watching and analyzing the action from the peanut gallery. Oh, and let's just ignore the lay consumer for now, who is oblivious to all this 09.09.2014 hype (remember, my next door neighbor knows exactly what NFC is...the football conference!).
At LTP, we take a slightly different view of innovation. We don't pretend to predict the future, nor do we burn precious mindshare in endlessly analyzing the past. We live in the moment, bringing you the most relevant and most meaningful innovations from around the world, curated every day. LTP itself has been live for only a year, but we have been part of this conversation personally for a decade - from the time when cameras were embedded into mobile phones.
Yes, I just said it. The introduction of cameras into mobile phones has been, in hindsight, one of the most impactful enablers for mobile financial services in the US. (Let's be honest - this whole Apple conversation is limited to the US and first world problems.) Who would have thought? This is a perfect example of an enabling technology taking many years to produce an impactful experience. So, exactly what are the pundits expecting from Apple next week? Are they expecting a new enabling technology to be introduced that will change the world in N years?
Or are they expecting Apple to do what it does best? To create an EXPERIENCE that WOWs the consumer? To create a PAYMENTS experience that satisfies the mobile generation? To make consumers WANT to pay because Apple will make it SO COOL to pay? You see where I am going...we have a fundamental 'needs and wants' issue here! Unlike music, photos, videos, books, etc. 'payments' is not a product or a service that consumers would LOVE to consume. It's a necessity; it's something you do to be able to consume some other product or service. So, if Apple is truly looking to change how you pay, we believe they have set a very high bar for themselves.
However, I don't think the industry is expecting Apple to meet or exceed any high bar. Most rational leaders in the industry with intellectual integrity already know that Apple helps them regardless of whether Apple succeeds or fails! 'Success' in payments will take many years even for Apple, and those who already have products in the market will benefit from their head start. A 'failure' for Apple is great too because it let's them say proudly, 'I told you so!'.