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by mikedouglas
1773 days ago
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IAP is a platform-enforced monopoly that allows Apple and Google to extract a flat 30% from every digital transaction that happens in an app. It's one of the clearest examples of the deadweight loss from monopolies, as businesses that would otherwise exist but have higher marginal costs can't offer products that consumers would otherwise benefit from. https://twitter.com/jasminericegirl/status/14026910479401001... |
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What Apple Pay does is protect consumers from having to hand out their credit card information to random companies with less-than-Apple's reputation for handling consumer financial data. This is true both on and off the app store.
No other payment vendor is going as far as Apple to protect your financial data, and you most certainly will never have the negotiating position to make Target budge on how they do things.