Today, Apple’s brand new method of payment Pay launched along with the new iPhone.

For years, a lot of technology companies have been trying to come up with some new method of payment in order to replace the wallet. But unfortunately, the majority of those companies suffered from continuing failures. However, Apple’s entry into this nascent area is expected to lead an revolution.

If successful, Pay could make Apple the foremost middleman in the multibillion-dollar digital transaction market. But will all costumers be willing to share their banking card information with a middleman? From my view, it’s Apple’s previous ethics which enable people to believe in it.

In terms of security concerns, Apple announced that it will not save users’ transaction information as well as card information. Apple is devoted to guarantee a safe and convenient environment for all of its users to use its products. That is the secret of how apple succeeded.

However, Apple’s stepping into the payment market may pose a threat to those existing payment service providers. When considering the popularity of iOS devices, other competitors are really worried about the future of themselves and how to differentiate themselves. So there will be a fierce competition in the market of payment in the near future.

References:

Your wallet. Without the wallet. (n.d.). <http://www.apple.com/apple-pay/>