Apple is teaming with other tech giants for financial lobbying


Apple raked in the cash last quarter.
There's money to be made in, err, money.
Photo: Jim Merithew/Cult of Mac

Apple, Amazon and Google aren’t exactly techie BFFs, as can be seen from that whole Android vs. iOS thing, or Amazon’s recent decision to boot Apple TV out of its online store.

But you know what can bring the heads of all three companies together? Let’s try a quick pop-quiz.

A) Team-building paintball trip.
B) Romantic candlelit dinner.
C) The promise of lots and lots of cash.

Click below to find out. (Hint: the answer is C.)

As it turns out, Apple, Amazon, and Google — along with PayPal and Intuit — have announced the formation of a new financial services lobby called Financial Innovation Now, which hopes to lean on help guide Washington policy makers concerning their regulation of digital financial technologies.

Most obviously this includes services like Apple’s mobile payments Apple Pay, although the group will also aim to push for tech-friendly measures relating to issues including security and fraud prevention, online lending, and real-time payments.

“A technological transformation is going to make financial services more accessible, more affordable and more secure,” said Brian Peters, executive director of Financial Innovation Now. “The challenge in Washington is making sure policy-makers understand that, and they’re comfortable with it, and they don’t apply old rules to new technology.”

Goldman Sachs has estimated that $4.7 trillion in revenue could be available for tech companies who can lead the market in fields like borrowing, lending, letting users make payments, and investing.

Although services like Apple Pay may not yet have been the giant-sized hit it could well become, ensuring that policies favor the next big tech paradigm shift is certainly worth Apple, Amazon, Google and others getting together for.

Source: Re/code