This fall Apple has just introduced its Apple Pay that allows people to pay for their everyday goods or services with a touch of a finger using the newly released iPhone. This service is being released in the coming weeks, which has the whole technology industry swarming to profit from future in apps that could replace cash, checks and credit cards. With Apple’s entry into the digital payment service, commerce giant eBay said it would transform PayPal to make it more predominant in the fast adapting market. Apple Pay is revolutionizing the digital payment market with its fingerprint reader on recent iPhones to confirm the payer’s identity. The secure mobile payment option on the phone if proven successful will be a huge threat to PayPal.
Photo via Apple
Apple’s differentiation strategy has never ceased to be one step ahead of the crowd. eBay’s recent decision for allowing PayPal to stand-alone could possibly benefit it after Apple’s introduction of Apple Pay. There is not yet an equivalent for Apple Pay on Android devices, which give PayPal a chance to gain back its customers and further prosper in the market. It has the possibility of partnering with Apple’s main competitors in the market including Samsung and Google. As the mobile technology industry is evolving, it will completely change the prospective of how consumers pay. The future of Apple Pay can change day-to-day transactions and open up new possibilities in the mobile payment industry.
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