With the introduction of Apple Pay, the already competitive mobile payments landscape is being rewritten. While PayPal is the current leader, all are likely to feel the heat from the newcomers, especially Apple that Apple Pay allows you to use your iPhone 6, iPhone 6 Plus, or Apple Watch as a digital wallet, paying at one of the 220,000 contactless payment locations across the US. Also by utilizing its Touch ID sensor, people could buy things with just a single tap, which is faster and more secure than entering a password.
Apple Pay benefits from Apple’s strong brand image and the company already has millions of consumers’ credit card information already on file. Hence, it is easier for Apple to expand the business. By and large, people like to work with their existing credit and debit cards, and are reluctant to switch over to other online pay services.
More importantly, the true account number is never shared with merchant and transactions made with Apple Pay do not transmit sensitive data, so even if transaction data is stolen it is useless for making fraudulent transactions. Apparently, Apple will win consumers’ trust eventually as the biggest concern to them when comes to electronic payments is security.
As we all know, people enjoy the convenience of tap-to-pay services, and Apple Pay is a possible reason to further secure consumers’ identities. No matter what you think of Apple Pay, you cannot deny the fact the company is a greater educator, leading the changes on how consumers view mobile payments.
Picture from http://www.howtogeek.com/201870/google-wallet-vs.-apple-pay-what-you-need-to-know/