Apple launched a credit card on Monday to a chorus of “so what?” from investors. Apple stock crashed overnight and everyone from CNBC to Huffington Post called it underwhelming.

They’re wrong. The Apple credit card is the biggest game-changer in the history of the company.

Just think about what it means for a minute. The biggest company on the planet is positioning itself as a bank and there are already 1.4 billion people with an Apple Wallet in their pocket. Apple stock should be surging.

Traditional banks will soon be wiped out; replaced by tech companies. Apple just made the first move and no-one batted an eyelid. Time to wake up.

People trust Apple more than banks

Here’s the key point. People don’t trust banks anymore. The 2008 banking crisis wiped out any faith in the old system and we’re all desperate for an alternative.

Apple’s Credit Card with no fees

👀 sign me up pic.twitter.com/rBXDkVKOVr — jason bolanos (@JBinAV) March 25, 2019

But we do trust tech companies. At least three recent studies show that Americans trust Silicon Valley giants more than banks. People will trust Apple with their money. Expect swathes of young, disenfranchised adults to switch to Apple banking services.

“The younger generation will gravitate toward brands that provide the best user experience, the best value, and ultimately, can help them reach their financial goals.” – Devin Ryan, JMP Securities.

70% millennials would try a tech company’s credit card

A further study shows that most Americans would try a financial product from Apple, Amazon, or another tech company.

This is no small study, either. The Bain report surveyed 133,171 people in 22 countries. People around the world are crying out for an alternative, digital banking system. Apple just gave them one.

“[Consumers are] saying if you come up with an experience as simple and easy as my shopping experience is with Amazon, I’m ready to do that now.” Gerard du Toit – co-author Bain report.

1.7 Billion people in China prove that tech banking works

If you think Apple’s payment options are a joke, look at the precedent in China. WeChat’s mobile payment service has almost 1 billion users. Its rival, Alibaba’s Alipay, has 700 million.

Every month, 900 million people use #WeChat Pay. Supermarkets are the most popular context, followed by eating out, and online shopping. Usage has climbed sharply. Find out more about the permeation of WeChat into everyday life in China: https://t.co/DQyMXAU92w pic.twitter.com/Kd5aJ1ltoM — Business of Apps (@BusinessofApps) March 14, 2019

Mobile payments in China have eclipsed traditional methods. Apple’s credit card, alongside the existing 383 million Apple Pay users, will do the same in the US.

“We’ve seen this happen already in China, where it’s common for people to do many of their banking activities through WeChat and Alipay.” – Gerard du Toit – co-author Bain report.

Apple’s banking future

Critics are bashing Apple’s poor credit card rates and rewards system, but they’re missing the bigger picture. Apple has always been more expensive on price. It beats the competition on user experience.

Apple will attract millions of young people because they trust Apple more than their existing credit card provider. It’s also easy-to-access and the UX is better than any other credit card tracker.

Most importantly, payments are just the start. What next? Apple checking accounts? Investment accounts? Mortgages?? Apple is dipping its toe in the most important industry on the planet. And it has 1.4 billion customers waiting.

The Apple credit card isn’t disappointing. It’s a revolution.