Apple's move into banking could break a key relationship point between customers and wireless carriers such as Verizon and AT&T, according to MoffettNathanson.
Wireless carriers often sell expensive new phones to customers in installment plans as part of their monthly service bill. This helps keep customers locked into the carrier until the phone is paid off., the analysts said that Apple Card and new SIM card technology could make it easier for customers to switch between wireless services.
"Any iPhone purchased with Apple Card would naturally entail monthly payments to Apple rather than to Verizon or AT&T. That would make the phone much more 'portable' between carriers. Coupled with the coming arrival of eSIM technology in Apple phones, switching between carriers for Apple Card holders could then be virtually frictionless," the analysts said.
The analysts posed the idea that Apple, with a loyal army of customers who can easily switch carriers, could buy wireless service from telecom companies wholesale for their customers. "At the very least, owning millions, or tens of millions, of iPhone billing relationships would give Apple an awful lot of leverage," the analysts wrote.
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