“Apple’s mobile e-payment service Apple Pay presents no major threat to the big credit card companies, but it’s likely to be highly disruptive to emerging players in the field, at least in the U.S., investment bank Morgan Stanley said in a report Tuesday,” Patrick Seitz reports for Investor’s Business Daily.
“Apple (NASDAQ:AAPL) has partnered with major credit card companies American Express, MasterCard and Visa on Apple Pay. The Apple Pay technology in iPhone 6 series smartphones and the Apple Watch should help advance standardization of the mobile payments infrastructure, the report says,” Seitz reports. “Apple Pay uses near-field communications (NFC) chips to let people make retail payments by touching their mobile device rather than swiping a credit or debit card.”
“In the U.S., Apple Pay is ‘highly disruptive’ to newer players in the market, which have had trouble getting traction, Morgan Stanley said in its report,” Seitz reports. “‘Most other players looking to launch mobile wallets have either struggled with making the package sufficiently cost-effective/attractive for merchants (PayPal, Square, Google Wallet) or sufficiently intuitive and convenient for the consumer (Isis/SoftCard, other telco wallets),” the report says. “We think Apple may have solved both problems in one application.'”
Read more in the full article here.
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