Everyone knows it: Apple has grown into a tremendous company throughout the past 10 years that is at the forefront of innovation and a leader in the technology industry. While many say that the massive size and past success of the company are the biggest obstacles that it will encounter moving forward, it is important to note that its size and past success are also pathways to sealing better deals and having success when launching a new product or service for the company.

In James Lau’s blog post titled “Apple is entering the payments market?” he describes how Apple has recently launched a revolutionary NFC payments method. While other competitors like Google have launched similar payment methods in the past such as Google Wallet, Apple Pay has a significant advantage over all of these other services because of a crucial difference: the wide adoptability of Apple Pay among major banks and countless well-known retailers. Apple, through its market leadership and reputation as a company that has the potential to revolutionize whole industries, was able to form partnerships with some of the most important banks and retailers in order to support the use of Apple Pay, and this wide adoptability has made Apple Pay a very attractive value proposition and point of difference for people looking to buy a new phone. While other tech companies might have released other NFC payment methods in the past, the barrier that most have not been able to overcome is this wide adoptability that Apple has been able to achieve through its innovative reputation, size, and market leadership.

Peer blog post source: https://blogs.ubc.ca/jameslau/2014/11/03/apple-is-entering-the-e-payment-market/

Image source: http://fortunedotcom.files.wordpress.com/2014/09/apple-sep2014-event-09.png?w=1024