Apple Tries to Work Its Magic on Money

Mobile payment is the Next Big Thing that keeps being the Next Big Thing. Despite the efforts of tech giants such as Google and PayPal, most Americans still buy their toilet paper and French fries with cash or plastic, just like they did a decade ago. Apple’s Sept. 9 launch of Apple Pay, which lets people buy goods and services with a wave of their iPhones, makes it more likely that things will be different in 2024.

As with iTunes, Apple’s promise lies less in technology than in its ability to broker peace between competing players and create a comprehensive system. Getting “merchants, banks, and networks to cooperate really was the thing that catalyzed the whole thing,” says Jim McCarthy, head of innovation at Visa. “Having a partner like Apple was really like catching lightning in a bottle.”