Picture Credit: Aaron Staes
Apple is one of the most valuable companies in the world, with over one billion users worldwide and an estimated net worth of almost three trillion dollars. Over the years Apple has become an iconic brand name and due to its image of being a luxury item, it has become quite desirable as well. As Apple grew, so did the range of products it started to offer. Apple broke into the headphones industry with their Apple Airpods, the music streaming industry to rival the likes of Spotify and Tidal with Apple Music, and even the watch market with their Apple Watch series. Apple has dominated every industry it has entered and captured consumers with their sleek and elegant products.
However, there is an industry that Apple is yet to fully capture, and that’s the financial management market. Apple has dabbled in the financing field with products such as Apple Pay, their very own digital payment system which allows payments to be made in person, on iOS apps or even on the internet. Since its launch in 2014, Apple Pay is now the most widely used digital payment system in the US. Apple has also issued the Apple Card, which is a credit card powered by your iPhone.
-Apple Card Picture Credit: Blocks
This is just the beginning for Apple as they still have a long way to go to rival its competitors in this field. Unlike their rivals however, who are traditional finance companies, Apple has the capabilities and infrastructure to truly revolutionise banking into a digitally functioning mechanism.
Before they can truly capture the finance market and move digital, they have to have a wider range of features and financing options ready to help consumers. They are already working on a “Buy Now, Pay Later” project for Apple Pay, which will allow consumers the option to pay for products in instalments. Apple needs to make many more features like this available before they have a clear edge on their competitors, and an essential feature they have yet to add is the option of a debit card to go along with their credit card service.
However, a market that Apple is unlikely to dominate anytime soon is the motor industry, and Sony is taking full advantage of it. Sony has beaten Apple by previewing their electric car as they unveiled it at the CES technology conference. Sony is a company best known for their TVs, gaming consoles and cameras and for them to enter such a different and already competitive market shows how companies today are not afraid to branch out and diversify their portfolio. Apple is also set on releasing their Apple Car and it could be released as early as 2025 to rival companies like Tesla, Toyota and Volkswagen.
-Sony Car Picture Source: Engadget website
January 10th 2022 | 5:00 PM