“The notion of using smartphones to make mobile payments is nothing new. Google Wallet launched all the way back in 2011. But Apple, in classic fashion, is joining the party late and may very well end up succeeding where many others have failed. In this regard, Apple Pay is in many ways classic Apple,” Yoni Heisler writes for TUAW. “They’re not reinventing the wheel, they’ve just made some notable adjustments and are promising a smoother, safer, and more user friendly ride.”
“It’s not an overstatement to state that banks — and the financial industry at large — have never before been so unanimously behind a mobile payment platform that they themselves didn’t create,” Heisler writes. “And of course, this is all made possible because Apple isn’t injecting themselves into the payment process, they’re simply facilitating it.”
“In getting Apple Pay off the ground, Apple was impressively able to wield its clout and influence to secure deals with all 3 major credit card networks and the top banking institutions in the U.S. Previous mobile payment efforts have been fragmented affairs that lacked the full support from all the major financial players,” Heisler writes. “Further, because Apple operates at the high-end of the market, iPhone owners, on average, have more disposable income and will likely be more willing to use a platform like Apple Pay.”
Read more in the full article here.
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I was surprised at an ATM seeing a sign with Apple logo “Coming soon: Apple Pay”
Apple Pay is the ONLY payment service that is Trustworthy. All others will flounder!
I agree, PayPal scares me. I bought a camera off eBay, you have to jump through hoops to just use a credit card. What a pain in the ass. Even when you figure out how to just pay with a card, the whole time they’re trying to get you to sign up for a PayPal account. I can’t wait until ApplePay is up and running. I trust Apple, I’m very leery of PayPal. Data farming, spying bastards. Take it down the road!
Japan had mobile payments long before 2011, more than a decade before. Google did not invent this, they merely improved on existing ideas and broadened the support. Clearly they didn’t do enough as it hasn’t exactly taken off.
Several places where I shop already have the terminals. I’m just waiting for Apple to launch the service.
Let’s see… One aggregates data from users to make money. The other doesn’t. I choose the one that doesn’t. 😊
Pretty sure this isn’t too new of a concept as Japanese and Finns have been willing and able to use their phones as wallets for some time now. It might not have had the degree of execution Apple is offering, but people were OK with it.