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.