ApplePay – encouragement for payment industry to adapt at faster rate

The introduction of ApplePay to the iPhone 6 will encourage the whole industry to adapt at a faster rate. This advancement could position Apple as the most powerful force in mobile payments, where it will contend with the Google Wallet and PayPal app, neither of which have had significant uptake amongst retailers.

Apple have stated they won’t store any transaction details but security is still an issue that people need to be aware of, especially considering the considerable amount of loss / theft associated to mobile devices and the increase of targeted attacks. This development increases the need for biometrics as a confirmation process, providing customers with an easier, more efficient experience which they’ve come to expect, and which will be a major change within the industry.

In addition, it will increase pressure on US banks to ensure users credit cards are verified in order to be added to their Passbook. This is really good news for the future of mobile payments and complements already existing offerings from the likes of Cashcloud.

As Apple are starting the process in the US market, this gives the UK the chance to prepare. Retailers should anticipate that consumer uptake will be fast and will need to be ready.