Apple announced last week that it will offer Apple Pay Cash, a peer-to-peer Apple Pay feature, in a future iOS 11 update. A video accidentally released (and soon removed) illustrated the simple steps to use Apple Pay Cash: users open the Messages app, go to the App Drawer, tap Apple Pay, enter an amount, and approve the payment with Touch lD--all in about 30 seconds. Payments received can be accessed through the Apple Pay Cash card in Wallet, and either spent on purchases, sent to other users, or sent to a linked bank account. (5a) Explain platform envelopment in 2 sentences. (5b) Explain why this is an envelopment threat for PayPalNenmo. What can PayPal do to defend against it? (5c) Based on the concepts in the readings, is the peer-topeer payments market likely to be dominated by one, very few, or several platforms? Justify your