Will Apple Pay be successful in making mobile payments mainstream? I personally disagree. While Apple has built partnerships with major U.S banks and large chains such as Wal-Mart, Gap and McDonald’s, skeptics argue that other large chains do not accept Apple Pay. Starbucks, too, who has long adopted its very own mobile payment app and has become a mainstream in customers’ daily purchases, do not accept Apple Pay as their means of payment.

The introduction of Apple Pay is an excellent example of a disruptive innovation as it disrupts the existing methods of transaction by replacing cash and credit cards with mobile payments. However, despite the attractiveness and convenience of Apple Pay, I believe that the transition from traditional methods of payments to mobile payments is a challenging one, as it requires buy-in from different players. This could increase costs for retailers, as they should purchase new systems to be able to accept payments from mobile phones. Banks and credit cards issuers also have to buy-in. Furthermore, phone thefts are commonplace, and mobile payments are very susceptible to frauds and scams. Therefore, in my opinion, the introduction of Apple Pay does more harm than good, and it is important for people to understand that not all disruptive innovations are beneficial.