It is a truth universally acknowledged that Apple is currently in need of a really big new product (a la iPhone or iPad) to keep growing. The iWatch isn’t it.

The company is definitely working on something in the automobile space, but I think there is more game-changing promise in the company’s push into payments.

Before the iPod there were music players and there were music subscription services. But Steve Jobs took over the arena by putting design polish on an existing player, as well as with a mixture of charm and ruthlessness negotiating the contracts with the record labels to make the iPod/iTunes product.

Similarly, before the iPhone was launched there were touchscreen phones, and developers “could” build products for phone companies and carriers — but the products were poor and the processes expensive and opaque. Apple built a beautiful premium product and offered a simple 2/3rds-1/3rd revenue model to developers that in hindsight was blindingly obvious.

The company has also

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Source: Street Fight