Apple Pay Google Pay
“Can platform-native mobile wallets (Apple Pay and Google Pay) become the primary distribution layer for third-party embedded financial products — cards, BNPL, banking, and beyond — without operating regulated balance sheets themselves?”
Apple Pay launched in 2014 as a tokenized NFC wallet layered on top of existing card networks, monetizing via a basis-point fee from card issuers. Google Pay evolved from Google Wallet (2011) and Android Pay (2015) into a unified super-app attempt in India and the US. Apple briefly launched its own BNPL product (Apple Pay Later) in 2023 but withdrew in 2024, opting instead to partner with banks and lenders (via Jifiti) to embed third-party credit into Apple Pay. Both platforms have shifted focus toward being distribution rails for embedded finance products from third parties rather than operating full financial services stacks themselves.