![]() The mobile wallet will be a key selling feature and create yet another means to lock people into the iOS platform.īitcoin is not the only virtual currency target. Apple’s prize is simply to boost sales of high margin iPhones. They will avoid such barriers to adoption. I predict they will take no interchange revenue and no fees. My thesis is that they are the only company capable of catalyzing adoption of tap-to-pay on smartphones. Never have so many corporate giants been lined up for their piece of the pie. Let’s start with Apple. The pending battle for these revenue streams will be the stuff of legends. Bitcoin payment apps have already demonstrated the effectiveness of QR codes and scanning at the point of sale which is obviously Apple’s bridge strategy prior to full Near Field Communication (NFC) deployment.Īccording to Caribou Honig, a partner with QED Investors: ![]() Why complicate the strategy by offering competing currencies and competing systems on the iPhone platform? If Apple can facilitate proprietary mobile payments successfully, it can undoubtedly spur demand for more Apple products.Įven though bitcoin payment apps could boost sales of Apple mobile hardware, bitcoin poses a more specific threat because, as its own independent, nonpolitical currency, the third-party legacy players (i.e., VISA, Mastercard, banks) can be bypassed which would disrupt Apple’s partnerships with dongle players like Square and iZettle. Apple realizes that, with their current installed base of 400 million active credit card details, the mobile payments war at the point of sale is largely theirs to lose. Sadly, BitPak's developer says that he would have continued BitPak development had the app stayed in the store and that he had been working on a revision which would have put the blockchain in the cloud for greater efficiency.īasically, it boils down to this. Fortunately, the wallet app is still available here at the Cydia Repository for jailbroken iPhones.Īt about the same time, BitPak received an electronic notification that the first bitcoin wallet for iOS had also been removed from the Apple App Store again citing similar legal reasons. Clearly, they will not be able to cite a law as no laws prohibiting bitcoin currently exist in any jurisdiction. The explanation given by Apple was that "apps must comply with all legal requirements in any location where they are made available to users." Apple further stated, "it is the developer's obligation to understand and conform to all local laws" and the developer was referred to the legal department for an exact explanation of which law it violates. In April, I covered the extraordinary Blockchain Wallet product in Forbes only to see the app abruptly removed from the store in less than two weeks.
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