Every shopper in this world compares the rates and then decides which item or product is best suited. Considering an example such as the iPhone or Apple Watch, both of the devices have their own features. Huge platforms have different payment methods and apple is also having Apple pay. But the matter of discussion here is the pitfalls and opportunities related to it and how it can impact the entire industry.
When choosing payments for mobile devices merchants have to go through several obstacles. They have to get through hard times in selecting the technology. We all know that apple accepts different payment methods such as Google wallet and NFC. Apple pay can solve numerous problems such as NFC is a now a safer method for online merchants because iPhone 6 plus an iPhone is compatible with the NFC. According to a research about ninety percent of the mobile shipments worldwide are compatible with NFC. This can solve some of the common problems that we face with mobile payments. This will also provide Apple with the opportunities to enter the market where there is a huge competition.
Mobile payment strategies
Stores use different payment methods and some data may be shared with the apple, others have their own strategies and it might conflict with the apple pay.
Mobile wallet app
Wallet app is being sued by thousands of popular merchants such as 7 eleven, Wal-Mart and others. All these companies are bound by a contract with the mobile wallets. We all know how powerful apple is thus we can also expect high security. Apple pay is having comprehensive security features and this is highly going to decrease the threats of fraud. Apple pay is a win -win app for major e-commerce companies.
Apple pay offers transformation
Credit card comp and big banks do not have any threats for frauds. Many of them are already associated with the apple and they are likely going to follow them. Apple pay does not pose any threat to these companies. The merchants who are facing problems with the payment services will have to make sure that they can aid process payments for retailers that are available with apple pay. But it is also concluded that there is no threat to anyone in the near term. But companies that offer payment methods such as Amazon and PayPal will have to deal with stiff competition.
In the medium term security is not going to a barrier with apple pay. Apple use a high tech security features such as payment cards that you use is totally encrypted. Not only this, but they are also authenticated with a high tech feature that is Touch ID. This is the safest method used as compared to the strip cards because they can be easily cloned and skimmed.
Security with apple pay
Security is the major issue for every company, whether it is an apple or any other but, as the technology advancing so as the security methods. And thus security is not going to be an obstacle, but apple pay might affect other parts in the payment industry. iPhone owners are always going to have a satisfactory feeling only with the name only. Apple pay utilizes the best methods to keep the details and the identity of their customers safe and secure.