The thing about jewelry is that if everybody's wearing it it becomes a uniform, not a bangle. That's the thing about iPhones - you can customize them with cases. AWatches? The band's what you get. The rest of it is software - an intangible that doesn't cost anything to sport. Apple isn't making jewelry, they're making tech gadgets that they hope aren't too ugly to forestall adoption.

And the thing about Apple Pay is it requires large-scale rollout to, well, all of retail. Yeah, they've got it at Whole Foods. Yeah, they've got it at Wells Fargo. Those outfits that have smart card readers can flip to Apple Pay pretty easily, but I don't see those much and I'm in urban Los Angeles. Apple Pay works if you shop primarily at Fortune 100 retailers, otherwise it's just another thing. So now instead of just whipping out your card, you have to know what implement you're using to use your money, rather than just what bank account.

I dunno. I remain unconvinced. Square permits just about anybody to take credit cards pretty painlessly and the penetration of Square amongst small businesses is chequered at best.