Apple’s Mac customers made the iPod popular for Windows PC users. iTunes and the iTunes store leveraged the iPod’s popularity. The same thing happened with the iPhone and iPad. All components of Apple’s business aid and enhance other components. Here comes another one.
Apple’s Big Numbers
Every successful business venture has a few important ‘big’ numbers. Whether it’s a company that sells 1-million pencils a day, or one that sells one pencil made of gold for $1-million, there’s a big number in the mix.
Apple’s tens of millions of Mac customers helped push the iPod to popularity. The iPod and iTunes helped launch the iPhone. The iPhone was the precursor to the popular iPad.
All components of Apple’s business model have big numbers; units, revenue, profits.
One big number just now being talked about by Apple– perhaps as a warning to the financial community to pay more attention– is Apple’s 800-million active iTunes customers.
That’s a big number that is spread out all over the world and most of those numbers have credit cards attached to the account.
By contrast, Amazon has fewer than 250-million active customers. Online darling PayPal, started by Tesla founder Elon Musk back in the day, doesn’t even have 150-million active accounts. Apple has over 800-million accounts.
What does that mean?
Overnight Money Behemoth
Apple could roll out a payment verification system based upon Touch ID and the credit card associated with a user’s iTunes account and immediately become one of the largest payment services in the world.
Instead of a signature, Apple could incorporate Touch ID fingerprint sensor to verify you are who you say you are.
In the credit card world, banks get a cut of everything you buy on your account’s card. Why would Apple be any different as a banker? Apple is a known and trusted entity in the process of rolling out a secure way to purchase through your iTunes account.
Flash your iPhone at the counter, touch your finger to the Home button, and your purchase is made. Safe, secure, fast, easy.
Except for one thing.
How can Apple get the rest of the credit card world to accept yet another way to buy something? It took PayPal over a dozen years to become a formidable player. Apple has more leverage, more customers, more resources, and tends to move quickly, blitzkrieg style, into new businesses.
Are you ready for Apple to handle your purchases?