We are starting from small :) But we will see as we dont have a big audience. Its a chicken and egg problem, so what we are doing is doing a bit of customer development first. We are also talking with product owners for exclusive deals.
Hi guys, we couldnt find any deal aggregator site for startup tools. So, we built this in our spare time. We are not sure how to market this or how to make it bigger/value accretive. Please give us your feedback and suggestions.
There has been AppSumo, but we dont see many good deals on it these days. And since we dont have great connections like Noah we cant get deals directly. :) Its a chicken and egg problem.
It depends on how much time he spends on this on a daily basis. I am guessing its only a few hours a week now. If you take that view then I think numbers are very good.
This saved time will allow him to do other things and spawn off other interesting projects which is pretty cool imo.
Apple pay is an interesting and natural move from Apple. They probably have the largest number of credit cards info on earth.
I think this business can eventually become larger than the iTunes if they execute it well.
I couldnt find any information on whether Apple pay users can use this for online purchases or not. If they do this may be their next move will be to naturally be the Paypal competitor.
I'm REALLY curious about this. Will they charge a transaction fee and have it as another revenue stream for them (like iTunes/App store)? Or is it going to be another commoditization of their competitor's/partners products in order to move more hardware (like iMessage). If it's the latter that would be a HUGE deal. I just can't imagine they would be able to resist taking a slice of that $12 billion/day transaction pie, though.
The implication from Tim was that Apple was not trying to make money off of this. He said that ApplePay would be successful because competitors tried to turn it into a profitable system for them, instead of focusing on making it work.
Looks like Apple's commission is ~15-25 BPS for participating banks (from those banks):
"The biggest “surprise” over last 2 months is that Apple has squeezed 15-25bps from the 5-6 participating banks at launch (C, BAC, COF, JPM, Amex and perhaps WFC)."
In finance, 1 BPS is 1/100th of a percent. So Apple could be pocketing ~0.2% on all transactions.
The US does about $12B in card transactions per day. This means that for every 1% of US transactions it captures, Apple could add ~$80M to the annual revenue which is a very small amount against its $140B revenue. Yes there are international markets, but still this is not done for profits by itself.
