Apple Pay – How Will It Affect Business?

During the announcement of the iPhone 6 on September 9th 2014, Apple also introduced Apple Pay. Apple Pay is a mobile payment service which allows people with certain Apple devices to make payments at retail and online checkout. Tim Cook, CEO of Apple, claims Apple are in a position to fix the current card payment process. Cook claims that the magnetic stripe card payment process is broken for its reliance plastic cards’ “outdated and vulnerable magnetic interface”, “exposed numbers”, and insecure “security codes”. But what do big businesses think of Apple Pay?

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They love it! At the time of the US launch in October, there was 220,000 participating vendors. This included big brands such as Macy’s, McDonalds, Subway and Target! Also, after the first 3 days of availability, more than 1 million credit cards were registered on Apple Pay. Therefore, this meant that Apple Pay is the largest mobile payment system on the market, ahead of competitors such as Google Wallet, Paypal and Softcard.

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It’s expected this year that Apple Pay expands to the rest of the world with it being released in Canada in March with it also being expected to be released in the UK in the next couple of months. Will it be a success in the UK? Apple are currently in talks with UK banks however one bank is uncomfortable with the amount of personal and financial information Apple wants to collect about its customers. Could this be a potential stumbling block for Apple in the UK?

Four major UK banks

 

However, whilst Apple are hitting stumbling blocks in the UK, they are reaching for the sky… Literally! JetBlue will be the first major domestic US airline to allow passengers to make purchases. This includes purchasing food and beverages, even seat upgrades! Will the other big airlines follow suit in the next year?

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For a more in-depth view of Apple Pay, watch the video below!

Mark Hamilton Taylor
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Mark Hamilton Taylor

Social Media & LinkedIn Strategist - 5★Awarded Social Media Trainer - Digital Marketing at The Social Media Academy
After studying biotechnology: I went into the corporate field, working within large organisations.
► My personal goal is to make an authentic difference to society.
► My professional goal and passion is developing people and businesses.
Mark Hamilton Taylor
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