In a program on Bloomberg, Personal Capital Chief Executive Officer, Bill Harris, talked about eBay Inc (NASDAQ:EBAY)’s Paypal and Apple Inc. (NASDAQ:AAPL)’s payment system. Harris said Apple Inc. (NASDAQ:AAPL) has introduced a great payment feature in its iPhone 6 but it will take a very long time to show results. He said that there is still a big difference between eBay Inc (NASDAQ:EBAY)’s PayPal and Apple Inc. (NASDAQ:AAPL)’s payment system.
“[…] Remember, they are really in two different businesses. PayPal is in online payments, Apple Inc. (NASDAQ:AAPL) Pay is for offline payments, in other words, at the point of sales.” said Harris.
Harris thinks that eBay Inc (NASDAQ:EBAY)’s PayPal specialty is online payment because in the offline payments, it doesn’t offer anything different and peculiar from other payment services. He said that eBay Inc (NASDAQ:EBAY)’s PayPal is not much used in place of credit and debit cards in offline sales on stores whereas the online feature of this payment method is extensively used.
According to Harris, Apple Inc. (NASDAQ:AAPL)’s payment system will take years to get embedded in the market. There are many steps in the massive adaption process. All the point of sales in the country will have to be updated to be able to accept Apple’s payment system. This step can take a very long time.
Harris also mentioned his company’s mobile app for money management and savings. He claimed that the money management app helps people trace and track their spending. As a result, the spending comes down by around 15%. He said that money management is just like weight loss, if you want to lose weight, you will have to track your every meal. Similarly, if anyone wants to save money, a good money manager is necessary for it.
Carl Icahn‘s Icahn Capital Lp has around 52.8 million Apple Inc. (NASDAQ:AAPL) shares and 30.8 million shares in eBay Inc (NASDAQ:EBAY).