@matt Yes, and…
I’d add that competition does drive innovation, but innovation is not always improvement.
All of the horrible ads on all the websites were innovations at some point, just not for the user.
AI/ML features are the same way. Innovations, but not improvements (Bing went from ok competitor to utterly unusable), and like with ads, ALL the companies are doing it.
The examples go on. Mainly the point is that competition innovation is double edged.
@matt Just to add on one example from the article, I don’t at all trust other wallet apps to do what Apple does (even if they do now) once there’s competition. They will become exploitative. I have no doubt. And it will be financially viable enough that virtually all others will follow that innovation.
Bank apps are a good example, where—as I watch my bank “compete” the app just gets worse and worse and worse.
@NateBarham Do you have an idea how they will become exploitative? What are the incentives you’re thinking of?
To me it feels like password managers. Sure, you can find seedy ones if you really try, but if you want to have a real business, you need to be secure, and I think the market for password managers backs that up.
@NateBarham I’m really asking because as someone in the industry, this idea that we’re all itching to be insecure as fuck if only it weren’t for Apple.
I’d also note there are tons of digital wallets that exist today and are way more popular than Apple Pay, which is a sliver of the overall market. I haven’t heard anyone express what adding access to tapping for in-person payments unlocks.
@matt That’s not really what I’m saying. Though I do absolutely distrust finance companies. Making money with money creates all kinds of negative incentives.
Apple has earned my trust. Any other company has to do the same (over a long period of time) to reach the same level.
@NateBarham Totally get that too! Shopify’s Shop Pay or PayPal’s everything are good examples IMO of hugely successful wallets that built trust over the years with great UX and security on all ends.
@NateBarham Haha yeah it can be a bit obnoxious sometimes, but they certainly pioneered the idea of making payments online not feel scary. When given a bunch of choices at checkout, it’s shocking how many people still choose the PayPal option. I brought them up more due to the trust part you mentioned. That’s their edge.
@matt Well, I obviously can’t speak to what you can, only as a consumer who is constantly leveraged in every direction by every single company that makes any product I can buy at all—except for Apple.
They’re not perfect, but they’re so far away from the next runner up that it isn’t even close.
And on wallets, that’s the thing. I don’t know what negative “innovation” will come and make everybody miserable. I just know that it’s way less likely to happen if Apple controls it (on iPhone).
@NateBarham I totally get the perspective and I totally agree that enshitification happens all over the place.
I guess my perspective comes as someone who has seen numerous consumer-friendly products get killed because Apple wouldn’t allow them, so we all just have to wait and hope Apple decides to do everything themselves.
I also think people underestimate how hard payment companies work to make customers happy above all else. Nothing beats happy customers who make payments 🫡
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