I saw on TC today that Clinkle finally launched. For those who are unaware, Clinkle is a mobile wallet with gamification features. They raised a huge amount of cash on just an idea and the fact that the founder is a Stanford rich kid, and have been struggling to get their product complete. Lots of people quit the company, including high level executives.
Their launch following just a few days after the launch of Apple Pay demonstrates why it’s never a good idea to go after a market that big companies are likely to target or are targeting. Not only did Apple get great deals with banks and credit card companies to insure that the fees they are charged are the lowest, but the amount of publicity they got, and are still getting, makes it difficult for any other brand with the exception of maybe Google Wallet to get noticed.