“They can’t stop talking about Apple Pay,” Olga Kharif and Elizabeth Dexheimer report for Bloomberg. “The mobile-payment service announced by Apple Inc. last month will probably drive discussions and new-product announcements at tech-industry conference Money20/20, which kicks off today in Las Vegas, said Richard Crone, chief executive officer at researcher Crone Consulting LLC. ‘They might as well call it Apple Pay20/20,’ Crone said in an interview. ‘It will dominate the conversation and have an honorable mention in every presentation.'”
“Representatives of technology companies, retailers, banks and payment networks attend the four-day conference. A crowd of about 7,500 is expected, including more than 750 CEOs,” Kharif and Dexheimer report. “The conference will be ground zero for competing mobile-payment firms, many of them rolling out new products and features. CU Wallet, operator of a mobile-payments platform for credit unions, will announce that its service due out next year can work the same way Apple Pay does — with consumers tapping a phone on an in-store terminal, Chief Executive Officer Paul Fiore said in an interview.
Kharif and Dexheimer report. “‘It was prompted by Apple Pay,’ Fiore said. ‘It’s Apple’s branding, it’s Apple’s relationships, it’s Apple’s customers. In the banks’ environment, you’ll see banks’ products.'”
Read more in the full article here.
“The conference will be ground zero for competing mobile-payment firms, many of them rolling out new products and features.”
Exactly: https://en.wikipedia.org/wiki/Ground_zero
‘It’s Apple’s branding, it’s Apple’s relationships, it’s Apple’s customers. In the banks’ environment, you’ll see banks’ products.’”
No, the banks will bend over backwards to do what Apple says! I for one, will not use anyone but Apple’s solution
before Apple Pay, whose “solution” did you use?
If it’s based on NFC, you can continue to use Apple Pay. If you have an iPhone 6/6 Plus the other NFC options won’t work since Apple locks down NFC to be Apple Pay only. But if you are on Android, your option now is Google Wallet. But if these other options increase adoption of NFC, it’s good for everyone. Credit Unions will probably end up supporting Apple Pay because their iPhone owning members will demand it because of the added security of TouchID.
Wow. So… Will Apple revolutionise ANOTHER industry? That of mobile payments? It’s early days yet, and possibly too soon to tell, but it’s beginning to look that way.
…everyone else follows.
Devil’s advocate:
On Bloomberg, Starbucks CEO suggests that “someday no one will carry cash” and then touts his own contactless payment system. And systems as convenient and possibly as good as Apple Pay may someday arise.
But iPhone users probably won’t be able to use them. So we’re all betting that Apple Pay will be so dominant that other systems will be available alongside it, not instead of it.
Not a bad bet, though.
I used Apple Pay for the first time on Saturday. I was at Subway. The people working at that store had never used it before and weren’t quite sure what to do. I said that it’s probably just like any credit card purchase. So they let me try it and *BING* it worked like a charm. I can see why the the MCX/CurrentC consortium is nervous. It doesn’t get any easier than Apple Pay. I’d pay that way for everything if I could. I especially love the instant receipt.
That is great to hear! Thanks for the first-hand account. Apple Pay is going to be huge, even with dozens of other companies/organizations attempting to copy every aspect of it.
Isn’t it great using the products of a company that is disruptive time and time and time again?
I keep reading that you have to “tap the terminal” to make Apple Pay work. My experience has been that you just need to have your iPhone 6 near the terminal with digit on Touch ID. Is my experience unique?