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BrianRoemmele's profile
Brian Roemmele
Brian Roemmele
Brian Roemmele
@BrianRoemmele

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Brian Roemmele

@BrianRoemmele

we can only see what we think is possible...

transcendence
VoiceFirst.expert
Joined January 2010

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    1. David Rainey  🇸🇬‏ @davidjrainey 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest @suatkilicMD

      The 60% GM is for the whole of Apple’s Services business. And Capex is actually failing off a little. I’m not seeing much mention of the fact that base cash back without 🍎 pay is only 1%, 2% if with AP, 3% if AP and on Apple products or services.

      1 reply 0 retweets 0 likes
    2. Dan Davies‏ @dsquareddigest 26 Mar 2019
      • Report Tweet
      Replying to @davidjrainey @suatkilicMD

      2% cashback on Apple Pay is like ten times the interchange fees received. It's an expensive way of acquiring lending customers.

      1 reply 0 retweets 2 likes
    3. guan  🐰 🐕 🇪🇺‏ @guan 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest

      Presumably Goldman is funding a big chunk of that, otherwise Apple is getting a bad deal. 2% cash back isn’t that uncommon, there are the Citi and Fidelity cards and others. I believe analysts think the cash back+merchant/interchange part of these cards runs at a slight loss.

      1 reply 0 retweets 0 likes
    4. Dan Davies‏ @dsquareddigest 26 Mar 2019
      • Report Tweet
      Replying to @guan

      I think Apple is in fact getting a bad deal; the merchant fees can't be attributed to the card as they're a cross-subsidy from the existing and successful Apple Pay.

      1 reply 1 retweet 2 likes
    5. guan  🐰 🐕 🇪🇺‏ @guan 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest

      This is what Visa charges US merchants, Goldman’s share is somewhat lower. There’s no way none of that goes to fund the 2% cash back.pic.twitter.com/WnBdmlsCZ8

      2 replies 1 retweet 1 like
    6. Felix Salmon‏Verified account @felixsalmon 26 Mar 2019
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      Replying to @guan @dsquareddigest

      Right, this is a credit card, not a debit card. Interchange is not regulated by Dodd-Frank (or anyone). I asked Goldman what the interchange fees were in this thing, they didn’t tell me, but I suspect they’re the highest of any no-fee card.

      3 replies 0 retweets 1 like
    7. Brian Roemmele‏ @BrianRoemmele 26 Mar 2019
      • Report Tweet
      Replying to @felixsalmon @guan @dsquareddigest

      Folks, great insights here. The answer is Apple is making money. A ton of it ultimately. They will be the recipient of “found money” to ~75% of Daily Cash with $0 net cost of funds. It also signals $120 billion paid to developers move to Cash Card. More... https://qr.ae/TW8xCb 

      1 reply 3 retweets 10 likes
    8. Dan Davies‏ @dsquareddigest 26 Mar 2019
      • Report Tweet
      Replying to @BrianRoemmele @felixsalmon @guan

      I don't think you can count the entire card fees on Apple Store transactions as a gain; the payments will actually cost something to process!

      1 reply 0 retweets 1 like
    9. Brian Roemmele‏ @BrianRoemmele 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest @felixsalmon @guan

      Dan, indeed. I hear ya. Apple as the card issuer and the merchant they bypass Interchange completely. This is a significant part of the merchant fee. At the end of the day, Apple will also become the Acquirer and remove those final pennies. I predict it will be blockchain.

      1 reply 0 retweets 0 likes
    10. Dan Davies‏ @dsquareddigest 26 Mar 2019
      • Report Tweet
      Replying to @BrianRoemmele @felixsalmon @guan

      they bypass the fee, but they have to provide the actual service. Something about iTunes makes me think Apple might not be the most efficient provider of large scale transaction services.

      1 reply 0 retweets 1 like
      Brian Roemmele‏ @BrianRoemmele 26 Mar 2019
      • Report Tweet
      Replying to @dsquareddigest @felixsalmon @guan

      Dan, indeed. Great point. I think Apple has crafted a brilliant and sublimely simple buying experience with Apple Pay. It moves a step past the 1-click system that just about created Amazon. These are the nuanced experiences Apple proves folks will pay more for.

      7:02 AM - 26 Mar 2019
      0 replies 0 retweets 0 likes

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