Apple Pay will succeed where Google Wallet failed because its business model is based on partnerships says Karl Ronn, Silicon Valley-based author of THE RECIPROCITY ADVANTAGE: A New Way to Partner for Innovation and Growth (Sept), a new book based on research from The Institute for The Future.
Apple can focus on its core business -- product design and user experience – while letting industry leader partners like AMEX, Visa, and Bank of America as well as eager app developers pave the way for rapid platform adoption much in the same way Apple partnered with music companies to launch the iPod, with AT&T to launch the iPhone, and with Mayo Clinic to launch the Apple Watch and HealthKit.
Apple would never have achieved their success based on their design and brand alone. Their partnerships are central to their business model and are what has allowed Apple to achieve massive-scale growth with speed and ease to outstrip its competitors.
This reciprocity-based business model– sharing your assets strategically with powerful partners to unlock profitable growth – is what The Institute for the Future predicts will be the #1 most influential business strategy in the next decade for all businesses.