Apple Launches ApplePay as Mobile Payment Option
Today, Apple announced its latest iPhone releases and new systems including its own mobile payment offering, ApplePay. According to a report from Cnet News, Apple announced that it's partnering with Visa, Mastercard, and American Express along with several issuing banks to allow iPhone users to store credit card accounts. ApplePay will be available in 220,000 US merchant locations that already take mobile payments via NFC. Apple also announced it has worked with retailers including Subway and McDonald's to rollout ApplePay. McDonald's is even adding Apple Pay to its drive through. Read the complete CNet article here.
Forbes magazine is reporting that Apple Pay will use a credit card from your iTunes account or one that’s been added by using the “iSight” camera, and will allow consumers to pay for things by Touch ID. Apple says that each transaction will be authorized with a one-time, unique number, creating a security code that it says is more secure than the one on the back of your credit card because cashiers won’t see your name, card number or security code. The service will work with the three major payment networks — American Express, MasterCard and Visa — and Apple said that there are 220,000 merchant locations that accept these contactless payments.
Apple’s only hurdle to wide-scale iPhone-payment domination isn’t just eBay — there’s consumer sentiment it has to overcome. According to a new survey from CreditCards.com, 62% of Americans “never” or “hardly ever” use their phones to make a purchase, and many say that they will never, ever use their phone to pay for something: 49% of adults ages 50 to 64 don’t plan on it and (unsurprisingly) 64% of adults 65 or older have no interest in swapping their wallet for their smartphone. Even in the youngest, tech-savvy set — the millennial generation — 30% of respondents said they wouldn’t use their phone to make a purchase. Read the complete Forbe's article here.
Forbes magazine is reporting that Apple Pay will use a credit card from your iTunes account or one that’s been added by using the “iSight” camera, and will allow consumers to pay for things by Touch ID. Apple says that each transaction will be authorized with a one-time, unique number, creating a security code that it says is more secure than the one on the back of your credit card because cashiers won’t see your name, card number or security code. The service will work with the three major payment networks — American Express, MasterCard and Visa — and Apple said that there are 220,000 merchant locations that accept these contactless payments.
Apple’s only hurdle to wide-scale iPhone-payment domination isn’t just eBay — there’s consumer sentiment it has to overcome. According to a new survey from CreditCards.com, 62% of Americans “never” or “hardly ever” use their phones to make a purchase, and many say that they will never, ever use their phone to pay for something: 49% of adults ages 50 to 64 don’t plan on it and (unsurprisingly) 64% of adults 65 or older have no interest in swapping their wallet for their smartphone. Even in the youngest, tech-savvy set — the millennial generation — 30% of respondents said they wouldn’t use their phone to make a purchase. Read the complete Forbe's article here.