September 4, 2021
Australian businesses don’t come much bigger than the Commonwealth Bank, a $180 billion giant that sits behind BHP as the second-largest listed company in the country.
But in recent weeks, CBA’s chief executive Matt Comyn has attempted to paint the bank as the little guy. That may sound like a stretch, but he has done so by picking a fight with a company almost twenty times CBA’s size, which most people would never associate with banking: Apple.
The rise of digital wallets such as Apple Pay has been turbo-charged by the pandemic.
Portfolio manager at Insync Funds Management John Lobb says
Apple Pay allows the company to turn the phones into secure substitutes for an old-fashioned wallet, but he doesn’t think a major expansion in finance would make sense for the tech giant.
“I just don’t think the finance side of things is ever really going to shoot the lights out [for Apple],” says Lobb, who holds Apple shares in the funds he manages.