Apple Pay changes data to mobile payments

Apple Pay: A new trade war broke out in America, this time around phone payments.

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The new player that has shaken up the relatively new market is none other than Apple. On October 20, it launched Apple Pay, i.e. its own payment system through of iPhone 6 phones.

The mobile payments market has for years employed the Titans in the technology industry as well as the major commercial chains. For the time being, the market size in the US may be almost negligible, just 4,9 billion dollars compared to 4,8 tris. which is the size of the credit card market, but could reach 90 billion dollars by the end of 2017, according to Forrester forecast. More importantly, mobile phone payments will help companies better understand consumer habits, reduce shop queues, pay less commission to credit card companies, in a nutshell will help increase profits.

Big names

The players already active in the mobile market are big names, but to date their products have not been commensurately successful. These are the companies Google, PayPal, the CurrentC system that will start operating in 2015 and is supported by giants such as Walmart, , Gap, Target and other companies. There is also the Softcard application of the telecommunications companies Verizon, T-Mobile and AT&T. Apple's entry into the market is going very well, according to a New York Times report, which has alarmed its rivals. What Apple's system brings with it is mainly the company's brand name and its reputation for revolutionizing every market it enters, if it hasn't already created it itself, as it did with tablets. According to the NYT, the problem with CurrentC, a mobile phone app that will allow the user to link it directly to their debit card, but not a credit card, is that it won't be available until 2015. Companies like Walmart and Best Buy, looking to cut costs from credit card fees, has announced that they will no longer accept Apple Pay as they have signed agreements to exclusively use CurrentC. However, for now they are probably trapped. If Apple Pay proves to be a success, CurrentC members will lose a lot of potential transactions. Merchants will likely face the wrath of their customers who won't be able to use Apple's system, and more importantly: if Apple Pay catches on, consumers may not want to use CurrentC, according to the NYT report.

On the part of retailers, CurrentC offers significant benefits such as having the ability to monitor customers' consumption habits in all stores that accept CurrentCC, which so far are used by companies that issue credit cards. But CurrentC also has drawbacks since it is more difficult for Apple Pay to pay without touching your mobile, as opposed to CurrentC with which you should open the app.

Source: kathimerini.gr

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Written by Dimitris

Dimitris hates on Mondays .....

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