Chapter 10
Fizzle or Sizzle
Making Smart Bets on New Matchmakers
Forty-three minutes into the Apple live event, on September 9, 2014, after introducing the new iPhone 6, Tim Cook announced he was going to talk about an “entirely new category of service” for Apple.1 A thick wallet with cash and cards sticking out appeared on the screen behind him. “Our vision is to replace this.”
According to Cook, people in the United States “scramble” for their cards about 200 million times a day, and they “go through what is a fairly antiquated payment process.” A video showed a woman paying for some clothes. She fumbled for her plastic card in her pocketbook, presented it to the clerk, who then asked for identification. The clerk swiped the mag-stripe ...
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