Banks did it Apple’s way in payments by mobile

New York Times:

JPMorgan Chase’s chief financial officer, Marianne Lake, took the stage at a financial conference on Tuesday under strict orders not to mention her company’s involvement in Apple’s new payment system.

But when Apple’s chief executive, Timothy D. Cook, at a news conference in California at the same time, finally brought up Apple Pay, one of Ms. Lake’s deputies in New York took a green apple out of her bag and put it on a table on the stage, signaling that Ms. Lake was free to discuss the service.

“So we are very excited about Apple Pay, and Chase customers will be able to participate in that,” Ms. Lake said, noting the appearance of the apple with a nod of her head.

The elaborate measures that Ms. Lake took to keep Apple Pay under wraps until the chosen time underscore the degree of preparation — and investment — that went into a partnership that has the potential to transform one of the banking industry’s most fundamental business lines.

I love these insider stories about how Apple cajoles, forces, convinces and beguiles companies into doing the things Apple wants to do in the ways Apple wants to do it.

  • SockRolid

    I happened to visit a local Chase branch yesterday. They already had Apple Pay signage up. I asked an employee if my Chase cards would work with my iPhone 6 and Apple Pay, and she said yes.

    And, speaking of Apple Pay, I had lunch on the Apple campus today (1 Infinite Loop) with a friend who works there. The guy in front of me at the checkout line paid with an iPhone 6 Plus. It really does work.

    • Slurpy2k11

      Lucky bastard 🙂

  • Slurpy2k11

    You know all the people constantly mocking Cook’s statement of “doubling down on secrecy” because of parts leak from China? Well, I truly believe that Cook is doing a damn commendable job in the secrecy department. I mean, so many people involved in this initiative over the past 18 months, so many 3rd parties, and not one fucking leak of the name, even. Just an incredibly vague rumor that Apple wanted to do something with payments. Same with iOS and OSX features, of which pretty much nothing leaked before WWDC. Same with the Apple Watch- even the damn name didn’t leak, nor the design, nor any of the specific features and implementations. Not even the control mechanism.

    So yeah, all things considered, Cook is doing pretty damn well keeping things under wraps. Parts leaks from China are pretty much impossible to prevent, especially after manufacturing has commenced, and since hundreds of thousands of people are involved in that process. Nevermind a government that doesnt really give a shit.

    Even though Apple’s footprint has gotten significantly larger since Steve, and keeping thins secret is therefore that much more difficult, they’re still able to consistently surprise.

  • dr.unk

    Banks want to protect their government given monopoly. Apple will help them as long as there is no heavy lifting.

    Banks are afraid of Merchants ganging up on them and obviously of Google and other startups bypassing them.

    News at 11.

    • dr.unk

      most of all Banks are afraid of consumer not wanting Debt to pile on their kids.

      I can’ wait for praise from you guys when Apple helps Concast destroy net neutrality and other fun TV business shenanigan.

  • No one does it better.

  • matthewmaurice

    “[F]orces”–maybe,”convinces”–certainly, but “cajoles” and “beguiles”–I don’t see that. You don’t have to be a huge Apple fan to know that Apple does things their way, and if you want to play in their game you play by their rules. Clearly Marianne Lake is much smarter an executive than Terry McGraw (cf ).

    I remember those dark days of the mid-90s when Apple was everyone’s whipping boy, in and out of the industry (yeah, I’m looking at you Gary Trudeau). Now that they’re the consumer’s darling, everyone wants entrée into the Apple environment. Apple seems pretty open to letting other companies in, but they have to do things Apple’s way (i.e. no shitty products, no pimping the customer, and never steal Apple’s thunder). Seems like common courtesy as well as smart business to me.