iPhone is the physical edge device in a global communication network. The implementation of NFC hardware in the newest iPhone 6 and the associated new Apple Pay application make it an edge device in a financial system. An edge device at the input interface to the existing system but also a point of entry to alternate payment transaction system as an alternative to being a front end for credit cards processing?
The Apple model is to have both device and operating system control as well as some core application programs of their own plus being gate keepers for app developers.
Looking at the current monetary payment system I have to think that an information systems engineer designers would say start with a clean sheet and design an financial operating system that will handle all of the monetary apps run on it. There must be some of those working at Apple, I am sure. Would Apple want to do this? Not in the USA but maybe in China?
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