A library of snippets
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Helping users lead “healthier financial lives” is mentioned 7 times. Here’s one quote from Jennifer Bailey, Apple’s vice president of Apple Pay and Apple Wallet, “…As we look at the year ahead and beyond, we’re excited to continue to innovate and invest in Apple Card’s award-winning experience, and provide users with more tools and features that help them lead healthier financial lives.”
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One estimate from Sheel Mohnot, general partner at Better Tomorrow Ventures, put annual spend on the Apple Card at $67 billion, or about $5,500 per user, based on Daily Cash equating to 1.5% of spend. He noted that Delta’s American Express cobrand, which has about 7.5 million cards in circulation, compares with $250 billion in spend, or $33,000 per user.
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Cupertino, California-based Apple has been steadily investing in its payments business, even as it faces increasing regulatory and legal pressures. The tech giant has looked to payments, and its broader services category, to buttress slowing iPhone sales, its leading source of revenue.
Adding the virtual card number feature “is about giving options to consumers when retailers do not support Apple Pay,”
From: Apple extends prepaid debit card reach | Payments Dive.
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You can imagine that Microsoft will offer their enterprise clients an embedded digital wallet.
The ability to add a digital wallet to any enterprise app. And therefore the ability to add any digital credential to a user experience. Microsoft already offers the Office Suite across Apple and Google devices. So why not also enable a digital wallet?
Here’s the kicker. The rest of Microsoft’s enterprise clients can then be easily set up to request data from any one of those customer or employee wallets.
And, using Face Check, any of those businesses can prove, seamlessly and privately, that they are dealing with the right person.
The ecosystem dynamics here are vast.
Microsoft is already huge, yes. But the key thing here is distribution. Think Azure. Think Active Directory. Plus all their global Partner Programs. And they own LinkedIn. And then you can throw in their AI rollout with Copilot.
Apple (with a vast consumer base and control over the operating system) and Microsoft (with their enterprise reach and LinkedIn) have enough coverage, in most countries, with most users, to kick the digital wallet market into gear.
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This points to an ugly truth in the emerging Personal AI market.
Who will run our deeply personal AI models? And what data will they be trained on? And perhaps more importantly: will consumers even have the confidence to share their most private data with these powerful new AI platforms?
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An analysis into 11 so-called romance and companion chatbots, published on Wednesday by the Mozilla Foundation, has found a litany of security and privacy concerns with the bots. Collectively, the apps, which have been downloaded more than 100 million times on Android devices, gather huge amounts of people’s data; use trackers that send information to Google, Facebook, and companies in Russia and China; allow users to use weak passwords; and lack transparency about their ownership and the AI models that power them.
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But NFTs have a massive gap.
They are great for portable digital assets. But they are terrible for handling personal data. I don’t want my personal data anywhere near a Blockchain.
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An analysis into 11 so-called romance and companion chatbots, published on Wednesday by the Mozilla Foundation, has found a litany of security and privacy concerns with the bots. Collectively, the apps, which have been downloaded more than 100 million times on Android devices, gather huge amounts of people’s data; use trackers that send information to Google, Facebook, and companies in Russia and China; allow users to use weak passwords; and lack transparency about their ownership and the AI models that power them.
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Javaun Moradi at Mozilla’s Innovation Studio predicts that 2024 is the year that everyone will get an AI agent.
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But this fear is misplaced.
The industrialized world is awash in jobs, and it’s going to stay that way. Four years after the Covid pandemic’s onset, the U.S. unemployment rate has fallen back to its pre-Covid nadir while total employment has risen to nearly three million above its pre-Covid peak. Due to plummeting birth rates and a cratering labor force, a comparable labor shortage is unfolding across the industrialized world (including in China).
This is not a prediction, it’s a demographic fact. All the people who will turn 30 in the year 2053 have already been born and we cannot make more of them. Barring a massive change in immigration policy, the U.S. and other rich countries will run out of workers before we run out of jobs.
AI will change the labor market, but not in the way Musk and Hinton believe. Instead, it will reshape the value and nature of human expertise. Defining terms, expertise refers to the knowledge or competency required to accomplish a particular task like taking vital signs, coding an app or catering a meal. Expertise commands a market premium if it is both necessary for accomplishing an objective and relatively scarce. To paraphrase the character Syndrome in the movie “The Incredibles,” if everyone is an expert, no one is an expert.
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Matt Janiga, legal counsel and director of regulatory and public affairs at Trustly, told PYMNTS that the Consumer Financial Protection Bureau’s open banking rule, commonly referred to as Rule 1033 (or just 1033), is on track to be finalized this year.
“I’d tend to trust the bureau when they say that they are targeting Q4 or the end of 2024 to get this rule out,” he said.
At a high level, 1033 mandates that banks and other financial service providers must make transaction-level data and other information available to consumers at their request.
The most immediate benefit to be gleaned from 1033 will be a better understanding of how data must be handled, he said.
From: Trustly: CFPB’s 1033 Rule Will Bring ‘Clarity’ to Data Sharing.
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