Recently, a new form of payment has been introduced to the world: Apple Pay. This is a “digital wallet” which allows people to make purchases with a single touch on their mobile devices. Although this form of payment has been around, such as the Google Wallet, Apple Pay has already dominated the mobile payments market in only one week. What makes Apple Pay so special and why has it already become the most popular mobile payments platform?
There are numerous locations that provide NFC (Near Field Communication) payments, and Apple Pay seems to be the easiest to utilize. Unlike other methods, Apple Pay requires consumers to only hold their finger on the mobile’s fingerprint scanner called the Touch ID. There will be no more of reaching into your wallet and trying to find a piece of plastic. Comparing to the Google Wallet, individuals are required to take a few more steps to complete the transaction such as entering their pin number. Apple Pay seems to be more convenient where it outperforms its competitors.
More to Apple Pay’s popularity is their secured system. According to NBC News, “The tokenization system built into Apple Pay is considered one of the most secure, fraud-proof ways to make payments, because it keeps consumers’ actual credit card data from ever entering a retailer’s point-of-sale system”. Furthermore, Apple Pay requires biometric verification to continue with the transaction. Security is an important aspect that grabs consumer’s attention. Since the hacking incident on CurrentC, one of Apple Pay’s competitors, people are starting to be very cautious on using the NFC payment method. Apple Pay is known to include a secured server that may even be safer than using credit cards. These key features of Apple Pay have brought its service on top within one week of their release.
As appealing as Apple Pay sounds, other NFC payment platforms provide more features that do not exist in Apple Pay. For example, Google Wallet is able to accept any type of major credit and debit cards. Apple Pay does not accept discover which limits their target market. Also, Google Wallet is also available in both iOS and Android devices. Using Google Wallet, individuals are able to send and accept money from others. With other digital wallets capable of much more features, Apple Pay still beats its competitors. Its feature of being highly convenient and secured has boosted up their amount of users. You now can understand how quality improves profitability.
Fulfilling customer expectations with the services Apple provides can gain additional sales. Apple Pay has also boosted up iPhone 6 sales, as it is only compatible with that type of device. Not only has its features bring in more users, but help generate more sales in the market. It’s clever to see how Apple Pay is also used as a marketing strategy. The creation of Apple Pay may be the beginning to a generation of solely mobile payments.
Do you believe that Apple Pay will remain on top of its competitors? How much longer?
As an Apple user, I may come out biased on over-crediting Apple Pay. Do you believe their service is superior to others?
4 thoughts on “Apple Creates The Weak In A Week”
This is an interesting topic. Given the recent celebrity photo scandal that became an immediate fear for many iCloud users (and of course, those victims who were hacked), I am impressed that Apple was able to gain such a high level of confidence from its user base for the Apple Pay. Given the added features and accessibility that you mentioned which is available from Google Wallet, many would think that this gives more advantages, which could easily put the service out in front of its competitor’s. Overall, I think that this showcases an example of the extreme loyalty that exists with Apple users. Despite the increased security features being proven, fear based on past occurrences often destroys the trust of consumers. The opposite has happened here.
As a current cashier, I have been able to witness the process of Apple Pay. However, my knowledge about the subject was minimal until reading this post. There is doubt that this form of paying is another great technological advancement. It’s quick, efficient, secure and simple. In today’s world, everyone loves the idea of simplicity. In addition, time becomes a scarce yet valuable item. When a company, like Apple, who already holds such a successful history, comes out with a reliable product, the world takes it on by storm. For these reasons alone, I believe Apple Pay will remain successful for a long while over all competitors. I, too, am a lover of Apple products. The entire design and functionality of their inventions, make my life as a student much simpler. Each time a new creation is released from the company, the new feature seems to reshape technology. Apple Pay, being one of them, has even made already simple ideas like the credit card even simpler. To me, it is just another brilliant creation.
In recent years, many companies have begun to develop new and innovative ways to perform monetary transactions, ranging from NFC payments to quick virtual payment programs like Chase Quickpay and Venmo. This is a great post because it discusses one of the newest competitors to enter the market, and analyzing their current strategy may shed some light as to the longevity of the program. I agree that this program does sound more secure than others due to the fact the credit card information isn’t communicated to the retailer, and it has biometric verification. However, I think that Apple may have trouble because, as with many of their programs, it is exclusive to Apple products. Since Apple still dominates a large portion of the market and has a reputation for good service, I believe they will remain on top for the foreseeable future.
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