“Apple Pay now counts for two of every three dollars spent via contactless payments on the US’s three largest card networks, chief executive Tim Cook said this week. The group says it is working with card companies that collectively account for about 90 per cent of card purchasing volume in the US,” Sarah Mishkin and James Fontanella-Khan report for The Financial Times.
“If Apple Pay becomes more popular, industry executives say Apple could exact higher fees from card companies and banks,” Mishkin and Fontanella-Khan report. “Google and PayPal are now racing to catch up. Google is expected to return to the market with a product more widely accepted at retailers than its original Google Wallet, which fell flat with consumers. ‘Folks know that mobile payments is where the world is going, they don’t want to be left behind,’ says Rick Diamond, head of technology services investment banking at JPMorgan.”
MacDailyNews Take: As with personal computers, portable media players, online music sales, smartphones, tablets, etc., “folks” know where it’s going because Apple has, as usual, shown them the way. They had no earthly clue prior.
“The launch of Apple Pay is seen as a catalyst for the broader adoption of mobile payments,” Mishkin and Fontanella-Khan report, “which analysts say have the potential to expand access to and use of financial services.”
Read more in the full article here.
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Google’s returning to the market? Are they planning to let people swipe EBT cards with their Droidy phones? Otherwise I don’t see it being any more successful than their first endeavor.
Apple has shown it’s now a viable ‘thing’ and how to do it, so they want a piece of it.
Hard for Google/Android to catch up since Apple has a big head start with their acquisition of fingerprint ID leader AuthenTec, and their development of 64-bit processing which doesn’t require iPhone to wake up and open any required apps in order to conveniently and securely pay…both in person and online.
VS the article…… “If Apple Pay becomes more popular, industry executives say Apple could exact higher fees from card companies and banks,”
No wonder ALL the ANAL…yst get Apple wrong. All they ever, ever, ever think about is the MONEY, all the MONEY, all the time – the MONEY. Never service, never excellence.
If Apple pay is fully accepted, you will need Apple hardware and software to make it work. PERIOD. When the world is running 60 % Apple systems and Apple is a trillion dollar company, they will still complain about making more money, and about how to break Apple up cause no one should be that big….
And if you break Apple up, it will get competitive and …… Make more money… LOL, and just so sad. 🙁