Technology has been fueling the innovation of the financial industry for quite some time now. First alternative lenders like OnDeck, CAN Capital and Kabbage entered the scene with new underwriting systems that made it easier than ever for small businesses owners to receive access to working capital. Now Apple and Wal-Mart have stepped into the playing field with mobile payment processors, how will these impact consumers? In October, Apple launched Apple Pay. Marketed as an easier way to pay in stores, or as “your wallet, without the wallet” Apple Pay aims to make your phone your primary method of payment in stores, and online. Essentially, they have created a contactless payment technology so that you can use any of your apple devices to pay for goods, securely. What’s more, is that Apple made partnerships with the big banks to keep Apple Pay transactions at a low price for merchants, even lower than it costs them to process credit cards. In essence, Apple hopes to take over the whole payment processor world by giving people a more secure way to pay for their products or services, limiting the potential for data breaches from hackers. For smaller, community banks, this could be a...