“Coinciding with the recent announcement of Apple Pay, a new report from global consultancy Kurt Salmon shows consumers are well positioned to make the transition to mobile payments—with a little help from banks, payment networks and retailers,” Dennis Sellers reports for Apple Daily Report. “‘Apple’s entry into the field sends a clear signal that mobile payments are here to stay,’ says Michael Archer, a partner in Kurt Salmon’s Global Financial Services practice and co-author of the report.”
“The arrival of Apple Pay just ahead of next year’s mandated shift to EMV chip-and-PIN technology in the United States opens up new possibilities,” Sellers reports. “‘Replacing or upgrading payment terminals will be costly—about $7 billion across the country, according to our analysis,’ adds Archer. ‘But the opportunity now exists for retailers, service providers and banks to consolidate their mobile and EMV investments into one upgrade … We’re working toward a tipping point of broad adoption of this technology that, when it happens, will spell the most significant evolution in consumer payments in more than two decades.'”
Read more in the full article here.
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